New Delhi, March 20 -- The Union Cabinet on Wednesday approved an incentive scheme worth approximately Rs.1,500 crore to encourage UPI transactions below Rs.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 Rs.2,000 made by individuals to merchants.

The scheme, aimed at boosting digital payments, will be implemented with an estimated outlay of Rs.1,500 crore from April 1, 2024, to March 31, 2025.

Published by HT Digital Content Services with permission from India Blooms....