Cabinet clears Rs 2,600 Cr scheme to promote RuPay debit card, low value BHIM-UPI transactions
Under the scheme, banks would be provided financial incentives for promoting Point of Sale (PoS) and ecommerce transactions using RuPay and UPI in the current financial year.
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 ecommerce 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.
In another development, The National Payments Corporation of India (NPCI) today has instructed the Unified Payments Interface (UPI) ecosystem to allow users from some countries with certain non-resident accounts like non-resident external (NRE) and non-resident ordinary (NRO) to transact through UPI.
The NPCI will be enabling transactions from mobile numbers having country codes of Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the United States, Saudi Arabia, the UAE, and the United Kingdom, along with the current domestic country code.
The UPI ecosystem members have to comply with the NPCI directions by April 30. The NPCI said it has been receiving requests from the UPI ecosystem as well as customers to allow non-resident accounts to transact through UPI.
(Additional inputs were added for background information.)
Edited by Kanishk Singh