Cabinet approves ₹1,500 cr incentive scheme to promote low-value UPI transactions
New Delhi: The Union Cabinet on Wednesday approved an incentive scheme worth approximately ₹1,500 crore to encourage UPI transactions below ₹2,000 during the financial year 2024-25, according to an official statement.
Under the scheme, the government will cover the Merchant Discount Rate (MDR) for transactions under ₹2,000 made by individuals to merchants.
"The Union Cabinet chaired by Prime Minister Narendra Modi today approved the 'Incentive Scheme for promotion of low-value BHIM-UPI transactions (Person to Merchant - P2M)’ for 2024-25," the statement said.
The scheme, aimed at boosting digital payments, will be implemented with an estimated outlay of ₹1,500 crore from April 1, 2024, to March 31, 2025.
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