Quick Summary
For promotion of digital payments, Ministry of Electronics and Information Technology (MeitY) has introduced the Incentive Scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions for the current financial year. This was stated by the Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Lok Sabha today. As a result of the various initiatives taken by the Government, the Minister stated, there has been a paradigm shift in digita
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FAQ :
Digital payment volume in India has grown by more than 200% in the last four financial years, from FY 2018-19 to FY 2021-22.
The government, through the Ministry of Electronics and Information Technology, has introduced an Incentive Scheme for promoting RuPay Debit Cards and low-value BHIM-UPI transactions. Other initiatives include BHIM-UPI, UPI-123, Aadhar Payment Bridge, and AePS.
The Scheme provides financial incentives to banks for promoting RuPay Debit Cards and low-value BHIM-UPI transactions (up to Rs. 2,000) for person-to-merchant payments, as well as promoting UPI lite and UPI 123 PAY.
The Ministry of Electronics and Information Technology has allocated Rs. 2,600 crore for the Incentive Scheme for the financial year 2022-23.
UPI transactions registered in FY 2021-22 showed an 8-fold growth in the last 3 years and a 50-fold growth in the last 4 years.
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