New Delhi, March 19 -- The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the incentive scheme for low-value BHIM-UPI transactions with an estimated outlay of Rs 1,500 crore. The aim is to achieve the target of 20,000 crore total transaction volume in FY 2024-25, via the indigenous BHIM-UPI platform.

The incentive scheme for promotion of low-value BHIM-UPI transactions (person to merchant) "will be implemented at an estimated outlay of 1,500 crore, from 01.04.2024 to 31.03.2025", said the Cabinet. Only the UPI (P2M) transactions up to Rs 2,000 for small merchants are covered under the scheme, it added.

The incentive at the rate of 0.15 per cent per transaction value will be provided for transactions up to ...