New Delhi, March 20 -- The Union Cabinet chaired by the Prime Minister Narendra Modi today approved the 'Incentive Scheme for promotion of low-value BHIM-UPI transactions Person to Merchant (P2M)' for the financial year 2024-25 in the following manner:

i. The incentive scheme for promotion of low-value BHIM-UPI transactions (P2M) will be implemented at an estimated outlay of 1,500 crore, from 01.04.2024 to 31.03.2025.

ii. Only the UPI (P2M) transactions upto 2,000/- for Small Merchants are covered under the scheme.

iii. Incentive at the rate of 0.15% per transaction value will be provided for transactions upto Rs.2,000 pertaining to category of small merchants.

iv. For all the quarters of the scheme, 80% of the admitted claim amount b...