Centre announced Rs. 2,600 crore scheme to encourage RuPay and UPI-BHIM transactions

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Nearly a week after the Union Cabinet approved INR 2,600 Cr in incentives to promote digital payments, the government finally notified the scheme on Monday (January 16). The Centre ratified the scheme in its notification, which aims to promote RuPay debit cards and low-value BHIM-UPI transactions under INR 2,000 for the fiscal year 2022-23. (FY23).

The incentives will be made available to acquiring banks at the rates specified in the order to promote point-of-sale (PoS) and ecommerce transactions. For non-industry programmes, acquiring banks will receive a flat rate of 0.4% as an incentive per transaction for RuPay debit card payments. This amount will be capped at INR 100. For industry programmes, the acquiring banks will get 0.15% per transaction amount, capped at INR 6.

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Centre announced Rs. 2,600 crore scheme to encourage RuPay and UPI-BHIM transactions

Nearly a week after the Union Cabinet approved INR 2,600 Cr in incentives to promote digital payments, the government finally notified the scheme on Monday (January 16). The Centre ratified the scheme in its notification, which aims to promote RuPay debit cards and low-value BHIM-UPI transactions under INR 2,000 for the fiscal year 2022-23. (FY23).

The incentives will be made available to acquiring banks at the rates specified in the order to promote point-of-sale (PoS) and ecommerce transactions. For non-industry programmes, acquiring banks will receive a flat rate of 0.4% as an incentive per transaction for RuPay debit card payments. This amount will be capped at INR 100. For industry programmes, the acquiring banks will get 0.15% per transaction amount, capped at INR 6.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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