New Delhi, January 11: 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 e-commerce transactions using RuPay and UPI in the current financial year. UPI Transactions Set New Milestone, Surge to Record 782 Crore in December 2022.

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. Modi Cabinet Approves Over Rs 2,500 Crore Scheme for Upgrading Infrastructure of Doordarshan and All India Radio.

"Cabinet approves the incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (Person-to-Merchant)," said an official tweet.