Cabinet approves extension of incentives for UPI transactions up to Rs 2,000 for small merchants
The Union Cabinet has approved a Rs 1,500 crore incentive scheme to promote UPI transactions under Rs 2,000 for small merchants, effective from April 1, 2024. Small merchants will receive a 0.15% incentive per transaction, with no Merchant Discount Rate. This move aims to support local businesses and boost digital payments across the country.
The Union Cabinet has approved a Rs 1,500 crore incentive scheme to promote UPI transactions under Rs 2,000 for small merchants, effective from April 1, 2024. Small merchants will receive a 0.15% incentive per transaction, with no Merchant Discount Rate. This move aims to support local businesses and boost digital payments across the country.
