https://sputniknews.in/20230111/dedollarization-in-practice-india-oks-incentives-for-using-domestic-payment-system-467740.html
Dedollarization in Practice: India OKs Incentives for Using Domestic Payment System
Dedollarization in Practice: India OKs Incentives for Using Domestic Payment System
Sputnik India
Visa and Master Card expressed concern to the US government that India's efforts to promote domestic payment systems are negatively impacting their business prospects in key markets.
2023-01-11T18:43+0530
2023-01-11T18:43+0530
2023-01-11T18:43+0530
political affairs
india
rupee-rouble trade
rising economies
dedollarisation
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On Wednesday, the Indian government announced financial incentives of $320 million to expand the use of the RuPay Debit card and BHIM UPI (Unified Payment Interface) across the country. Under the scheme, acquiring banks will be provided with financial incentives to promote Point-of-Sale and e-commerce transactions using RuPay Debit Cards and low-value BHIM-UPI transactions. With this push, total digital payments transactions have seen year-on-year growth of 59 percent, rising from $680 million in 2021 to $1.08 billion in 2022. BHIM-UPI transactions alone have seen year-on-year growth of 106 percent. In addition to these efforts, India has also taken steps to promote domestic payment system UPI in receiving remittances, which reached a record $100 billion last year. As per new guidelines, Non-Resident Indians will now be able to activate UPI on their phones, further reducing dependency on the US dollar. It is worth noting that the RuPay card, an Indian alternative to Visa and MasterCard, already boasts almost 700 million customers in the domestic market. Furthermore, UPI logs 220 million transactions per day.
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Sputnik India
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unified payment system or upi of india, indian alternative of visa and master card, rupay card
unified payment system or upi of india, indian alternative of visa and master card, rupay card
Dedollarization in Practice: India OKs Incentives for Using Domestic Payment System
Visa and Master Card expressed concern to the US government that India's efforts to promote domestic payment systems are negatively impacting their business prospects in key markets.
On Wednesday, the Indian government announced financial incentives of $320 million to expand the use of the RuPay Debit card and BHIM UPI (Unified Payment Interface) across the country.
Under the scheme, acquiring banks will be provided with financial incentives to promote Point-of-Sale and e-commerce transactions using RuPay Debit Cards and low-value BHIM-UPI transactions.
The government stated that this incentive scheme will "facilitate the building of a robust digital payment ecosystem and promoting RuPay Debit Card and BHIM-UPI digital transactions."
With this push, total digital payments transactions have seen year-on-year growth of 59 percent, rising from $680 million in 2021 to $1.08 billion in 2022. BHIM-UPI transactions alone have seen year-on-year growth of 106 percent.
In addition to these efforts, India has also taken steps to promote domestic payment system UPI in receiving remittances, which reached a record $100 billion last year.
As per new guidelines, Non-Resident Indians will now be able to activate UPI on their phones, further
reducing dependency on the US dollar.
It is worth noting that the RuPay card, an Indian alternative to Visa and MasterCard, already boasts almost 700 million customers in the domestic market. Furthermore, UPI logs 220 million transactions per day.
