UPI Incentive Scheme: Under PM Modi’s leadership, the UPI Incentive Scheme was authorized during the cabinet meeting. This plan will only work with UPI transactions up to Rs 2,000.
Prime Minister Narendra Modi’s Union Cabinet has made a significant decision on UPI payments for the 2024–2025 fiscal year. An incentive plan worth an estimated Rs 1,500 crore has been approved by the government. Small business owners, who typically shy away from accepting UPI payments, will greatly benefit from this. The government’s plan will speed up small business owners’ digital transactions.
UPI Incentive scheme will be applicable up to this amount
According to a government announcement, the incentive plan for encouraging low-value BHIM-UPI transactions from “person to merchant” (P2M) for the fiscal year 2024–2025 has been authorized by the Union Cabinet, which is led by Prime Minister Narendra Modi. Small business owners who accept UPI payments will receive a 0.15 percent bonus for each transaction under this government program. This plan will only work with UPI transactions up to Rs 2,000.
For example, if a consumer purchases items valued at Rs 1,000 and pays using UPI, the merchant will receive a 1.5% reward. The banks will also receive incentives in this. The government will instantly pay 80 percent of the sum that the banks have claimed; the remaining 20 percent will only be paid if the bank keeps the system uptime above 99.5 percent and the technical decline rate below 0.75 percent.
This is the aim of this scheme of the government
The government’s plan aims to reach the goal of Rs 20,000 crore in UPI transactions in 2024–2025. Additionally, because UPI is a quick and safe payment method in the modern era, the government is taking this action to encourage digital payments in rural parts of the nation. As a result, funds enter the bank account immediately. Additionally, a digital payment record will be generated, making future loan applications simpler.
Read More: – Govt Revenue Soars: ₹25.86 Lakh Crore Collected with Tax Boom
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