Centre approves ₹1,500 crore incentive for UPI transactions: What is it? Who will benefit? All you need to know

The Union Cabinet on Wednesday approved the extension of a ₹1,500 crore incentive for the promotion of small-value BHIM-UPI (P2M) transactions. The new move, aimed to benefit common man and small merchants, will be applicable for transactions below ₹2,000.

“The Union Cabinet chaired by the Prime Minister Shri Narendra Modi today approved the ‘Incentive Scheme for promotion of low-value BHIM-UPI transactions Person to Merchant (P2M)’ for the financial year 2024-25,” the government said in a press release.