Digital Payment: The government is taking many initiatives to promote digital payments. Over the past few years, digital payment transactions have witnessed a nationwide surge, with the number of digital transactions rising from 2,071 crore in FY 2017-18 to 13,462 crore in FY 2022-23.
Digital payment will have to be increased in every sector
Digital payments have increased significantly in the last few years, there is scope for further growth. It is important to promote it in market segments or regions where digital payments have not yet been adopted. In compliance with the Budget Announcement (FY 2023-24) and to further promote digital transactions in the country, the Government has permitted banks and banks to promote RuPay Debit Card transactions and low-value BHIM-UPI transactions during the FY 2023-24. It has been decided to give incentives to other payment system operators and app providers.
The digital payment system will be ready
The admissible incentive amount is to be calculated as per the value of transactions processed every quarter. This incentive scheme will promote digital payments by incentivizing banks and other payment system operators to create a digital payment system and enable RuPay Debit Card and BHIM - UPI to promote affordable digital payments across all segments and sections of the population. In line with various digital initiatives under Atmanirbhar Bharat, the scheme aims to provide affordable and user-friendly digital payment solutions to indigenously developed modes of digital payments, such as BHIM-UPI Lite/BHIM-UPI Lite X, UPI and BHIM-UPI. Will also promote.
Budget of Rs 3,500 crore presented
The government has approved the proposal to continue the “Incentive Scheme for Promotion of RuPay Debit Card and Low Value BHIM-UPI Transactions (Person to Merchant) for a period of one year with a financial outlay of Rs 3,500 crore. It will provide financial incentives to the acquiring banks as per the incentive rates and other details given below. The claims of banks will be reimbursed on quarterly basis up to the following limits. 100 per cent of the approved claim amount for banks during the first, second and third quarter of the scheme and 90 per cent of the approved claim amount for RuPay and for BHIM UPI for the fourth quarter of the scheme - 80 per cent of the approved claim amount for banks. To be distributed.
Financial outlay for the scheme Rs 3,500 crore
The duration of this scheme is one year, from April 1, 2023 to March 31, 2024. The financial outlay for this scheme is Rs 3,500 crore, of which Rs 500 crore has been allocated for RuPay Debit Card and Rs 3,000 crore for BHIM-UPI. This allocation is redeemable from BHIM-UPI to RuPay Debit Card, but not redeemable from RuPay Debit Card to BHIM UPI. The Secretary, Department of Financial Services (DFS), in consultation with the Financial Adviser and the National Payments Corporation of India (DFS) may review from time to time the utilization of funds under this Scheme (NPCI) and accordingly, if required, make changes in this Scheme. Changes may be made to the Terms of Service, including adding or removing merchant categories included in industry related programs.
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