The government is offering incentives for small UPI payments (under ₹2,000) to boost digital transactions. Banks will receive a 0.15% inc...
The government is offering incentives for small UPI payments (under ₹2,000) to boost digital transactions.
Banks will receive a 0.15% incentive for these payments, with some of it tied to their infrastructure performance.
The incentive only applies to payments made to small merchants.
This aims to encourage wider UPI acceptance, as it's free for merchants, unlike card payments.
The government wants to balance UPI growth with keeping costs down.
They're targeting ₹20,000 crore in UPI transactions for the upcoming financial year.
The incentive payouts for the last financial year were ₹3,631 crore, which includes RuPay debit card incentives.
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