Statement by Payments Council of India (PCI) | Cabinet Decision on the Incentive Scheme for Rupay Debit Cards and UPI
- Vishwas Patel, Chairman, Payments Council of India and Director at Infibeam Avenues
- 15.12.2021 04:15 pm #payment
“PCI whole heartedly welcomes the cabinet decision on the incentive scheme for Rupay Debit Cards and UPI. Post Demonetization in 2016, we have seen a leap toward digital transactions, with Rupay cards increasing in user acceptance across the country especially across rural areas where paying with a card was a novelty, a few years back. Be it person-to-person or person-to-merchant, UPI has made digital payments simple and accessible to all, and this decision of incentivising the small value transactions on UPI and Rupay Debit will go a long way in further building robust digital payment ecosystems, and accelerate the vision of a ‘less cash society”
“The industry has had its share of problems since the announcement of ZERO MDR but they will greatly benefit from this initiative of reimbursement of transaction charges levied on digital payments, which will help them to scale up payments infrastructure in the country, thereby enhancing financial inclusion"
