Banks will be financially incentivised to promote point-of-sale (POS) and e-commerce transactions using RuPay debit cards and the BHIM payments app through to the end of the financial year 2022-23, with ₹2,600 crore ($318.4 million) earmarked for the scheme. BHIM is an Indian mobile payment app developed by the National Payments Corporation of India (NPCI) that operates on the UPI.
The Indian government says the incentive scheme will facilitate the development of “a robust digital payment ecosystem”.
