Bid to boost RuPay, BHIM

The Cabinet on Wednesday approved a Rs 2,600-crore scheme to promote RuPay debit cards and the BHIM-UPI payment app. Under the scheme, banks will be provided financial incentives for promoting Point of Sale (PoS) and e-commerce transactions using RuPay and BHIM-UPI in the current financial year.

The Union cabinet agreed on the scheme at its meeting on Wednesday that was attended by Prime Minister Narendra Modi. The scheme aims to promote digital payments among the poor. In December alone, UPI achieved a record of 782.9 crore digital payment transactions with a value of Rs 12.82 lakh crore.

The total digital payments transactions have registered a year-on-year growth of 59 per cent, rising from 5,554 crore in 2020-21 to Rs 8,840 crore in FY2021-22. BHIM-UPI transactions have registered a year-on-year growth of 106 per cent, rising from 2,233 crore in FY2020-21 to 4,597 crore in FY2021-22.