The Government is taking various initiatives to promote digital payments. Over the past few years, digital payment transactions have witnessed tremendous growth across the country with the number of transactions growing from 2,071 crore in FY 2017-18 to 5,554 crore in FY 2020-21. In the present corona virus crisis, digital payments are keeping the economy running and helping people reduce contact with virus.
To give a further boost to digital transactions, the Government has notified an incentive scheme to promote RuPay Debit card and low-value (upto ₹ 2,000) BHIM-UPI transactions (Person-to-Merchant (P2M)) vide Gazette Notification dated December 17, 2021. Under the scheme, the Government will incentivize the acquiring Banks, by way of paying percentage of value of transactions (P2M) done through RuPay Debit cards and BHIM-UPI (upto ₹ 2,000, P2M only) payment modes, for a period of 1 year w.e.f. April 01, 2021.
