The Union Cabinet on December 15, 2021 has approved an incentive scheme to promote RuPay Debit cards and low-value [upto Rs. 2,000) BHIM-UPI transactions (Person-to-Merchant (P2M)] in the country.
- Under the scheme, the acquiring banks will be incentivized by the Government, by way of paying percentage of value of transactions (P2M) done through Ru Pay Debit cards and low-value BHIM-UPI modes of payments, at an estimated financial outlay of Rs.1,300 crore for a period of one year w.e.f. April 01, 2021.
- This scheme will facilitate acquiring Banks in building robust digital payment ecosystem and promoting RuPay Debit card and BHIM-UPI digital transactions, across all sectors and segments of the population and further deepening of digital payments in the country.
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