India to spend $320 million to promote homegrown payments network

India will spend nearly $320 million to promote cards on RuPay and for low-value UPI transactions, the latest in a series of moves by New Delhi to fuel the growth of its homegrown payments network.
New Delhi approved a plan Wednesday to spend $318.4 million for the promotion of RuPay debit cards and low-value person-to-merchant transactions on UPI during the period of current financial year ending in March 2023.
“Under the said scheme, acquiring banks will be provided financial incentive, for promoting Point-of-Sale (PoS) and e-commerce transactions using RuPay Debit Cards and low-value BHIM-U

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