The Cabinet on Wednesday approved a Rs 2,600 crore scheme for promoting RuPay debit cards and low-value BHIM-UPI transactions.

Under the scheme, banks would be provided financial incentives for promoting Point of Sale (PoS) and e-commerce transactions using RuPay and UPI in the current financial year.

It would help in building a robust digital payment ecosystem. The scheme would also promote UPI Lite and UPI123PAY as economical and user-friendly digital payments.

“Cabinet approves the incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (Person-to-Merchant),” said an official tweet.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)