India approves $170 million incentive plan to promote RuPay debit cards
Information about India approves $170 million incentive plan to promote RuPay debit cards
Kevin David Scam or Legit
By Manoj Kumar
NEW DELHI (Reuters) – India’s cabinet on Wednesday approved a 13 billion rupee ($170 million) incentive plan to promote domestic RuPay debit cards and low-value digital transactions, in a move that could challenge the clout of rivals such as Visa and Mastercard.
Under the plan, the government will pay banks a percentage of the value of transactions done through RuPay debits cards and on low-value direct interbank transactions for a year starting April 2021, a government statement said.
The scheme would cover reimbursement of processing fees on digital transactions up to 2,000 rupees ($26.20), government officials said, but added it was unlikely to have much impact on big players.
“It will also help in making accessible digital modes of payments to unbanked and marginalised populations”, the Indian …