India Approves Rs. 1,300-Crore Plan to Promote RuPay Debit Cards.
RuPay (portmanteau of Rupee and Payment) is an Indian multinational financial services and payment service system, conceived and launched by the National Payments Corporation of India (NPCI) on 26 March 2012..
As of November 2020, over 600 million RuPay debit cards have been issued.
“India on 15,December,2021 approved a Rs. 1,300 crore plan to promote domestic RuPay debit cards and low-value digital transactions to boost their use in marginalized populations”
Under the plan, the government will pay banks a percentage of the value of transactions done via RuPay debit cards and low-value direct interbank transactions for a year, backdated to begin in April 2021, a government statement said..
“Even in the cafe every element of productivity and smart tech moments are accounted for.”
"It will also help in making accessible digital modes of payments to unbanked and marginalized populations", the government said, referring to people outside the formal banking and financial system.