Last Update: January 11, 2023, 3:41 PM IST
The Union Cabinet on Wednesday approved incentives for low value transactions of RuPay Debit cards and UPI
Notably, 74 billion UPI transactions worth Rs 125 trillion were processed in India in 2022.
The Union Cabinet on Wednesday approved promotional incentives for low value transactions of RuPay Debit cards and UPI platform BHIM. Reportedly, an incentive of Rs 2,600 crore has been approved for the current financial year.
Notably, 74 billion UPI transactions were processed in 2022 India 125 trillion worth Rs. In 2021, the Union Cabinet approved an incentive scheme to promote RuPayDebit cards and low value cards [up to Rs. 2,000) BHIM-UPI transactions (Person-to-Merchant (P2M)] in country.
The scheme has been formulated in compliance with the budget announcements (FY 2021-22) by the government to further promote digital transactions in the country.
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