11 Jan , 2023 By : Monika Singh
The Union Cabinet on Wednesday approved the promotional incentives for Rupay debit cards and low value transactions of BHIM UPI. The cabinet today approved incentives worth Rs 2600 crore for FY 2022-23 which will be given on the use of Rupay debit cards and BHIM for P2M (person to merchant) transactions. “With a financial outlay of Rs 2,600 crore, this incentive scheme will benefit the MSME sector, unorganized sector, and farmers,” said Union Minister Bhupender Yadav. “It’ll help in achieving the goal of ‘Sahakar Se Samriddhi ‘ through the inclusive growth model of cooperatives,” he added. Under the scheme, acquiring banks will be provided financial incentive for promoting Point-of-Sale (PoS) and e-commerce transactions in the current financial year FY 2022-23. The scheme would also promote UPI Lite and UPI123PAY as economical and user-friendly digital payments.
The union cabinet had, earlier in 2021, approved an incentive scheme to promote RuPayDebit cards and low-value BHIM transactions for upto Rs 2000. In the last 8 years, India has formed a huge ecosystem of digital payment. The value of digital payments was approximately Rs 12 lakh crore, which has grown to comprise about 54 per cent of the country’s GDP. The allocation of Rs 2600 crore is aimed at growing the digital payment ecosystem further,” Bhupender Yadav said.
According to a report, India logged 23.06 billion digital transactions worth Rs 38.3 lakh crore in the third quarter of FY23. The UPI related transactions, meanwhile, clocked over 19.65 billion transactions in volume and Rs 32.5 lakh crore in terms of value. Per the Worldline India’s ‘Digital Payments Report’ for the third quarter, the UPI transactions volume and value almost doubled since last year as it recorded about an 88 per cent increase in volume and over 71 per cent increase in value in Q3 as compared to the same quarter last year.
The cabinet, chaired by Prime Minister Narendra Modi, has also approved the setting up of a national level multi-state cooperative export society under Multi-State Cooperative Societies (MSCS) Act, 2002.
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