Centre will spend Rs 2,600cr on RuPay

NEW DELHI: The Union Cabinet on Wednesday approved a Rs 2,600-crore scheme for promoting ‘RuPay’ debit cards and low-value ‘BHIM-UPI’ transactions.

Sharing about the decision, Union minister Bhupender Yadav said that the Union Cabinet has approved the incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (person-to-merchant) for a period of one year from April 2022.

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

It would help in building a robust digital payment ecosystem. 

The scheme for promotion of RuPay debit cards and low-value BHIM-UPI transactions (P2M) in FY 2022-23 has a financial outlay of Rs 2,600 crore. Under the said scheme, acquiring banks will be provided financial incentive, for promoting PoS and e-commerce transactions using RuPay debit cards and low-value BHIM-UPI transactions (P2M) for the current financial year FY 2022-23.