New Delhi/Mumbai, March 20 -- A Rs.1,500-crore incentive scheme to promote low-value Unified Payments Interface (UPI) transactions was among several key projects that the Union cabinet chaired by prime minister Narendra Modi cleared on Wednesday.
Under the Digital India Incentive scheme, the government would provide a 0.15% incentive to industry participants for UPI transactions of less than Rs.2,000 from customers to small merchants for FY25, Union minister of information and broadcasting Ashwini Vaishnaw said.
This means that banks and app service providers facilitating UPI payments under Rs.2,000 for small merchants will continue to receive incentives to facilitate the homegrown digital payments mechanism.
"The incentive scheme for pr...