Cabinet clears Rs 2,600 cr scheme to promote RuPay card & BHIM-UPI

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 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 would also promote UPI Lite and UPI123PAY as economical and user-friendly digital payments.

"Cabinet approves the incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (Person-to-Merchant)," said an official tweet.

#Cabinet approves the incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M)#CabinetDecisions pic.twitter.com/brpiP3uaFq

— Office of Mr. Anurag Thakur (@Anurag_Office) January 11, 2023