Digital transactions jump 11-fold under RuPay–BHIM-UPI incentive scheme: DFS Report
The study was conducted by an independent third-party research agency in consultation with the National Payments Corporation of India (NPCI).
The study was conducted by an independent third-party research agency in consultation with the National Payments Corporation of India (NPCI).
Under the said scheme, acquiring banks will be provided financial incentives, for promoting Point-of-Sale (PoS) and e-commerce transactions using RuPay Debit Cards and low-value BHIM-UPI transactions (P2M) for the current financial year.
After meeting Finance Minister Nirmala Sitharaman in Washington on Saturday, representatives of several Indian companies said that many countries aim to learn from initiatives like UPI and RuPay.
Paytm, One97 Communications brand has announced that the company has now tokenized over 93 per cent of the monthly active cards on their application.
RuPay is the first-of-its-kind Global Card payment network from India, providing an exceptional self-reliant card payments network with innovative features that have made it a successful interoperable card. RuPay is widely accepted at ATMs, POS devices, and e-commerce websites.
Under the scheme, the acquiring banks will be incentivised by the Government, by way of paying percentage of value of transactions (P2M) done through RuPay Debit cards and low-value BHIM-UPI modes of payments, at an estimated financial outlay of Rs 1,300 crore for a period of one year with effective from April 1, 2021.
Shagun card, in the initial phase, will be available to LIC and its subsidiaries for official use. The card will be used to facilitate awards and special rewards during official conferences and functions.
The number of transactions during the month was recorded at 999 million worth Rs 1.51 lakh crore.
To encourage digital transactions and move towards a less-cash economy, the government inserted a new provision, Section 269SU
New Delhi has set up three hydroelectric projects in Bhutan with a total capacity of 1,416 MW, which are operational.
