Digital payments are now used everywhere, from small shops to large malls. Be it a grocery store or a vegetable vendor, Google Pay and PhonePe can be used everywhere. Now, to further promote such digital payments, the National Payments Corporation of India (NPCI) has come up with a new scheme. Under this scheme, small shopkeepers will get financial incentives for installing UPI QR code and soundbox. The special thing is that under this scheme, incentives ranging from Rs 300 to Rs 750 can be received. So let us know what this scheme is and who will benefit from it.

Shopkeepers will receive an incentive of up to ₹750.
According to NPCI's new scheme, shopkeepers will be encouraged to introduce digital payments. New shopkeepers will receive an incentive of ₹300 for installing a UPI QR code for the first time. An incentive of ₹750 will be given for installing a sound box to receive payment alerts. Eligible UPI transactions up to ₹2,000 will also benefit from the incentive scheme.

Who will benefit from the scheme?

This scheme aims to connect small and medium-sized businesses with digital payments. Eligible merchants with annual turnover of up to ₹40 lakh will benefit from this scheme. This includes grocery stores, street vendors, and small retailers.

A special focus on rural merchants
will be placed on increasing the use of digital payments in smaller towns and remote areas of the country. The goal is to connect merchants in tier-3 to tier-6 cities, as well as the northeastern states, Jammu and Kashmir, and Ladakh, to UPI.

The scheme will continue for three years,
starting from the date the UPI Merchant Discount Rate (MDR) comes into effect. Funding has also been planned. 30 percent of the total funds will be used to add new merchants, 50 percent to increase transactions, and 20 percent to develop selected areas.

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