Cabinet approves Rs 2,600 crore scheme to promote RuPay debit cards, low-value BHIM-UPI transactions

In a bid to boost digital payments in the country, the Union Cabinet Wednesday approved a Rs 2,600 crore scheme for promotion of RuPay debit cards and low-value BHIM-UPI transactions.

Under the scheme, banks would be given financial incentives for promoting Point of Sale (PoS) and e-commerce transactions using RuPay and UPI in the current financial year (2022-23).

In a statement, the government said the scheme would help in building a robust digital payment ecosystem and would also promote UPI Lite and UPI 123PAY as economical and user-friendly digital payment solutions in line with the objective of ‘Sabka Saath, Sabka Vikas’.