In FY 2024–2025, a total of 1,500 crore will be spent to set up the system, which will include UPI Person-to-Merchant (P2M) transactions
In FY 2024–2025, a total of 1,500 crore will be spent to set up the system, which will include UPI Person-to-Merchant (P2M) transactions.
Key Elements of the Plan Incentive: Transactions up to Rs. 2,000 that qualify as small merchant transactions will receive a 0.15% incentive.
The incentive is given to the issuer bank (the customer's bank), the payment service provider bank, app providers, and the acquiring bank (the merchant's bank).
Support for the domestic BHIM-UPI platform is the goal. Achieving the 20,000 crore total transaction volume target for FY 2024–2025.
UPI penetration in tier 3 to tier 6 cities, especially in remote and rural areas, by promoting innovative products like feature-rich offline (UPI Lite/UPI LiteX) and phone-based.
The fact that UPI services are free for small merchants is one of the key benefits.The Merchant Discount Rate in 2020 was previously
MDR is the fee that companies pay to accept payments with credit and debit cards, as well as money sent through digital wallets and net banking. It was set to zero for BHIM-UPI transactions.
About the Bharat Interface for Money (BHIM) in 2016 a payment app that enables basic transactions by utilizing the Unified Payments Interface (UPI).
The UPI system was developed by the National Payments Corporation of India (NPCI) to encourage digital payments. It combines multiple bank accounts into a single mobile application (of any participating bank).
NPCI International Payments Limited, also known as NIPL NIPL has partnered with a Singaporean payment provider to expand UPI's acceptance.
Regarding NIPL
It became a fully owned subsidiary of NPCI in 2020. It is focused on introducing RuPay, a domestic card program, and UPI, a mobile payment solution, outside of India.
Modi says opposition 'shot itself in the foot' by demanding debate on Operation Sindoor
Delhi govt proposes bill to regulate private school fees
Artificial Intelligence Can’t Wait: Why Students Must Be Involved in Shaping the Curriculum That Shapes Their Future
Transport strike disrupts Bengaluru as unions demand 38 months’ unpaid wages and salary hike
US may require up to $15,000 bonds for visitor visas in new pilot aimed at curbing overstays
Modi says opposition 'shot itself in the foot' by demanding debate on Operation Sindoor
Ethanol row ignites: Govt defends E20 fuel, calls damage fears unfounded
India draws a red line: No compromise on Russian oil, sovereignty
Trump’s tariff threats cloud India’s edge over China, erase lead over Vietnam
Nitish Kumar introduces domicile policy for Bihar Government teacher recruitment
Modi says opposition 'shot itself in the foot' by demanding debate on Operation Sindoor
Delhi govt proposes bill to regulate private school fees
Artificial Intelligence Can’t Wait: Why Students Must Be Involved in Shaping the Curriculum That Shapes Their Future
Transport strike disrupts Bengaluru as unions demand 38 months’ unpaid wages and salary hike
US may require up to $15,000 bonds for visitor visas in new pilot aimed at curbing overstays
Modi says opposition 'shot itself in the foot' by demanding debate on Operation Sindoor
Ethanol row ignites: Govt defends E20 fuel, calls damage fears unfounded
India draws a red line: No compromise on Russian oil, sovereignty
Trump’s tariff threats cloud India’s edge over China, erase lead over Vietnam
Nitish Kumar introduces domicile policy for Bihar Government teacher recruitment
Copyright© educationpost.in 2024 All Rights Reserved.
Designed and Developed by @Pyndertech