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News on Medial
Government cuts funding for RuPay and BHIM-UPI incentive scheme in Budget 2025
YourStory
·
6m ago
Medial
The Indian government has reduced funding for the RuPay and BHIM-UPI incentive scheme from Rs 2,484.97 crore in FY 2023-24 to Rs 437 crore by FY 2025-26, cutting it by 82%. Initially set at Rs 1,441 crore for FY 2024-25, incentives were later revised to Rs 2,000 crore. UPI incentives are crucial due to the eliminated Merchant Discount Rate (MDR), supporting small players in digital payments. With UPI's market share growing to 83%, NPCI extended the compliance deadline for third-party app volume limits to 2026.
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5
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No merchant discount rate on UPI transactions
Economic Times
·
1m ago
Medial
The Indian government reaffirmed its support for digital payments via the Unified Payment Interface (UPI) by confirming there will be no merchant discount rate (MDR) on UPI transactions. Any speculation regarding MDR charges on these transactions is baseless, as zero MDR has been applied since January 2020 for RuPay debit cards and BHIM-UPI transactions. The government continues to promote digital transactions and supports the payment ecosystem through incentive schemes for low-value transactions.
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Flipkart-backed Super.money climbs UPI rankings in Feb as leaders see volumes dip
YourStory
·
4m ago
Medial
Super.money has climbed to the fifth-largest position among UPI platforms, surpassing Cred and Axis Bank Apps by processing 139.1 million transactions in February. Despite PhonePe and Google Pay retaining top spots, overall UPI transactions saw a decline. Paytm remained third with a smaller transaction drop. The Indian government reduced the budget for promoting RuPay and BHIM-UPI incentives, which are crucial for facilitating low-value transactions amidst the absence of Merchant Discount Rate fees.
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UPI transactions surge 13.6% in March
Entrackr
·
4m ago
Medial
UPI transactions surge 13.6% in March Unified Payments Interface (UPI) recorded 18.30 billion transactions in March, compared to 16.11 billion in February. This represents a 13.6% month-on-month growth and a 36% year-on-year increase, according to data published by NPCI. For the first time, UPI crossed the 18 billion transaction volume mark on a monthly basis. The total transaction amount in March rose by approximately 12.80% to Rs 24.77 lakh crore, compared to Rs 21.96 lakh crore in February. The average daily transaction count in March stood at 590 million, compared to 575 million in February. The average daily transaction amount also saw an increase to Rs 79,910 crore in March from Rs 78,446 crore in the previous month. Several factors have contributed to this growth, including the widespread adoption of UPI by merchants across sectors, government initiatives promoting digital transactions, and increased consumer awareness and convenience. For context, the Indian government recently approved a new scheme to encourage small merchants to use digital payments through the BHIM-UPI platform. The 'Incentive Scheme for Promotion of Low-Value BHIM-UPI Transactions (P2M)' will run from April 1, 2024, to March 31, 2025, with a budget of Rs 1,500 crore. While the top three UPI apps—PhonePe, Google Pay, and Paytm—continued to dominate the market as of February, Flipkart’s Super.money entered the top five for the first time.
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Budget Allocation For Promoting Digital Payments Almost Halves
Inc42
·
1y ago
Medial
The allocation for promoting RuPay debit cards and low-value BHIM-UPI P2M transactions in FY24 is INR 2,485 Cr. However, the Union Budget 2024-25 did not allocate any funds for promoting digital payments. Amazon Pay India CEO Vikas Bansal recently stated that a MDR regime is necessary for smaller UPI players to receive their fair share.
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'India-tech for the world is ready': Anupam Mittal says it's time for UPI to disrupt global payment giants like Visa, Mastercard
Business Today
·
4m ago
Medial
Anupam Mittal, founder of Shaadi.com, encourages the global expansion of the Unified Payments Interface (UPI) to challenge payment giants like Visa and Mastercard. UPI's potential to disrupt the multi-trillion-dollar payments industry by eliminating transaction fees and facilitating seamless global payments is highlighted. Several countries, including Singapore and France, are integrating UPI. The Indian government has launched an incentive scheme to promote low-value BHIM-UPI transactions, supporting small merchants with transaction incentives.
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Don’t want to survive on govt incentives: Payments Council Chairman on Rs 1,500 Cr UPI scheme
YourStory
·
4m ago
Medial
Payments Council of India Chairman Vishwas Patel criticized the Union Cabinet's decision to allocate Rs 1,500 crore for low-value BHIM-UPI transactions, labeling it inadequate compared to the projected Rs 246.82 lakh crore transactions for 2024. Patel expected over Rs 5,000 crores, amid growing pressures on payment companies. He suggested a 0.25% fee for large merchants and maintained the necessity for Zero MDR for small businesses. The incentive scheme runs from April 2024 to March 2025.
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Govt approves Rs 1 lakh crore scheme to support creation of 3.5 crore jobs in just 2 years
IndianStartupNews
·
1m ago
Medial
The Indian government has approved the Employment Linked Incentive (ELI) Scheme with a budget of Rs 99,446 crore to create 3.5 crore jobs by 2027. The scheme has two parts: Part A offers a one-time incentive to first-time employees registered with the EPFO and Part B provides financial incentives to employers, especially in manufacturing, for hiring new employees. The initiative aims to enhance formal employment, promote financial discipline, and expand social security coverage.
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Centre Rolls Out Incentive Scheme To Deploy 5,600 E-Trucks
Inc42
·
20d ago
Medial
The heavy industries ministry has launched an incentive scheme under the PM E-DRIVE initiative to encourage the deployment of 5,600 electric trucks (e-trucks) across India. This scheme offers subsidies as upfront reductions in purchase prices, with a maximum incentive of INR 9.6 lakh per truck. Once disbursed, the government will reimburse the incentive amount to the OEM via the PM E-DRIVE portal. Additionally, the plan includes deploying 1,100 e-trucks in Delhi with a budget of INR 100 crore.
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BOBCARD’s EMI option on RuPay-UPI cards: Should you opt for this facility for festive spends?
Money Control
·
10m ago
Medial
RuPay credit card users can now link their cards to popular UPI apps like Amazon Pay, BHIM, CRED, Google Pay, Paytm, and PhonePe. Additionally, RuPay BOBCARD credit card holders can convert their purchases into Equated Monthly Installments (EMIs) by scanning a QR code through UPI apps. This new feature offers users greater flexibility and control over their finances, allowing them to spread high-value purchases over manageable installments. The aim is to drive the adoption of digital credit solutions in India, especially in Tier 2 and 3 cities, and meet the demand for flexible payment options during the festive season.
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Cabinet approves extension of incentives for UPI transactions up to Rs 2,000 for small merchants
Economic Times
·
4m ago
Medial
The Union Cabinet approved a Rs 1,500 crore incentive scheme for small digital transactions, aimed at reducing costs for stakeholders in the UPI ecosystem. The scheme applies to UPI transactions under Rs 2,000 for small merchants, providing a 0.15% per transaction incentive. This initiative supports local businesses by making digital payments cost-effective, with zero Merchant Discount Rate (MDR). It excludes large merchants, focusing solely on small merchants to encourage digital transaction growth.
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