Introduction: A New Incentive Scheme for Small Merchants
Great news for small merchants! The Union Cabinet has approved a new incentive scheme for the financial year 2024-25. This scheme is designed to encourage low-value BHIM-UPI transactions. The best part? It’s worth a whopping Rs 1,500 crore!
How Does the Scheme Work?
The scheme is pretty straightforward. It supports small merchants, allowing them to accept digital payments without any extra costs. This is especially beneficial for those running small businesses in rural and semi-urban areas.
Here’s how it works: The scheme applies to UPI transactions up to Rs 2,000 at small merchant outlets. For every such transaction, you will get an incentive of 0.15% of the transaction value. That’s right – you get paid to make transactions!
The Aim of the Scheme
The government’s main goal with this scheme is to make digital payments more accessible for small businesses. This is a great step towards a more inclusive digital economy, especially for those in rural and semi-urban areas.
Key Takeaways and Next Steps
This new incentive scheme is a game-changer for small merchants. Not only does it make digital transactions more affordable, but it also rewards you for every transaction you make.
- Remember, the scheme applies to UPI transactions up to Rs 2,000.
- You’ll get an incentive of 0.15% of the transaction value for each qualifying transaction.
- The scheme is especially beneficial for small merchants in rural and semi-urban areas.
Start preparing now to make the most of this scheme when it comes into effect on April 1, 2024. Embrace the digital payment revolution and watch your small business grow!