The Union Cabinet on Wednesday approved promotional incentives for Rupay debit cards and low-value transactions of UPI platform BHIM. Reportedly, incentives of Rs 2,600 crore have been approved for the current financial year.
Notably, in 2022 74 billion UPI transactions were processed in India worth Rs 125 trillion. In 2021, the Union Cabinet approved an incentive scheme to promote RuPayDebit cards and low-value [up to Rs. 2,000) BHIM-UPI transactions (Person-to-Merchant (P2M)] in the country.
The scheme has been formulated in compliance with the Budget announcements (FY 2021-22) by the Government to give a further boost to digital transactions in the country.
What is a RuPay Debit Card?
RuPay is an Indian multinational financial service payment network launched by the Reserve Bank of India (RBI) in 2012 with an objective of a less cash economy.
A RuPay debit card is a plastic card used as a method of payment issued by the bank to a customer, who holds an account with them. There are many types of RuPay Debit Card, including RuPay Classic Debit Card, RuPay Platinum Debit Card, RuPay Select Debit Card, Contactless Debit Card and Government Schemes Debit Card.
What is BHIM-UPI?
Indigenously developed payment application BHIM (Bharat Interface for Money) was launched by Prime Minister Narendra Modi in 2016. It is a biometric payment systems app that uses Aadhar platform and is based on a Unified Payment Interface (UPI) to facilitate e-payment directly through the bank.
It can be used on all mobile devices whether it’s a smartphone or feature phone or a phone without an internet connection.
Yadav also announced that the Cabinet has approved a plan to set up three new cooperatives to promote exports, organic products, and seeds.
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