Cabinet Approves Incentive Scheme for Promotion of Low-value BHIM-UPI Transactions (P2M)

  • The Union Cabinet approved the 'Incentive Scheme for promotion of low-value BHIM-UPI transactions (P2M)' for FY 2024-25 with an outlay of Rs 1,500 crore.
  • The scheme covers UPI (P2M) transactions up to Rs 2,000 for small merchants.
  • Incentive of 0.15% per transaction value will be provided for transactions up to Rs 2,000 for small merchants.
  • 80% of the admitted claim amount will be disbursed without conditions, while the remaining 20% is contingent upon:
    • Technical decline of the acquiring bank being less than 0.75%.
    • System uptime of the acquiring bank being greater than 99.5%.

Objectives:

    • Promote indigenous BHIM-UPI platform and achieve a total transaction volume of 20,000 crore ....
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