RuPay, low-value UPI payments get Rs 2,600-cr boost

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

The decision in this regard was taken in the meeting of the Union Cabinet, headed by Prime Minister Narendra Modi. “India’s strides in digital payments will be further strengthened by today’s Cabinet decision regarding promotion of RuPay Debit Cards and BHIM-UPI transactions,” Modi said in a tweet.

The scheme would help in building a robust digital payment ecosystem. It would also promote UPI Lite and UPI123PAY as economical and user-friendly digital payments. In December alone, UPI achieved a record of 782.9 crore digital payment transactions with a value of Rs 12.82 lakh crore.

“The approved incentive 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,” an official statement said.

Briefing media after the Cabinet meeting, Minister Bhupender Yadav said this will help in taking the digital payment system to MSMEs, the unorganised sector and farmers.↔ More on P10

New Delhi: The Cabinet Committee on Economic Affairs also approved the setting up of three cooperative societies under Multi-State Cooperative Societies (MSCS) Act. These societies would focus on exports, organic farming, and quality seeds, benefiting farmers. The national-level multi-state cooperative export society, with support from relevant ministries, will undertake exports of all goods and services produced by cooperatives and related entities.