New Delhi: Union Cabinet has approved reimbursement of Rs 1,300 crore on digital transactions using Unified Payment Interface (UPI), Rupay debit card. Electronics and IT Minister Ashwini Vaishnaw said in a statement that reads “The Union Cabinet on Wednesday approved reimbursement of Rs 1,300 crore on digital transactions using UPI and Rupay debit cards”.
The government would repay transaction fees charged on digital payments made by individuals to merchants as part of the merchant discount rate (MDR), according to the minister.
"Over the next year, the government would invest about Rs 1,300 crore to encourage more individuals to switch to digital payments," Vaishnaw said. In November 423 crore digital transactions worth Rs 7.56 lakh crore took place, he said.
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