15-Dec-2021: Cabinet approves an incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M)
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, today has approved an incentive scheme to promote RuPay Debit cards and low-value [upto Rs. 2,000) BHIM-UPI transactions (Person-to-Merchant (P2M)] in the country.
Under the scheme, the acquiring banks will be incentivised by the Government, by way of paying percentage of value of transactions (P2M) done through RuPay Debit cards and low-value BHIM-UPI modes of payments, at an estimated financial outlay of Rs.1,300 crore for a period of one year w.e.f. April 01, 2021.
This scheme will facilitate acquiring Banks in building robust digital payment ecosystem and promoting RuPay Debit card and BHIM-UPI digital transactions, across all sectors and segments of the population and further deepening of digital payments in the country.
It will also help in making accessible digital modes of payments to unbanked and marginalized populations, who are outside of the formal banking and financial system.
India today is one of the most efficient payments markets in the world. These developments have been the outcome of the initiatives of the initiatives of the Government of India and innovation by various players in the digital payment ecosystem. The scheme will further spur research and development and innovation in fintech space, and will help the Government in further deepening of digital payments in various part of countries.
Background: The scheme has been formulated in compliance with the Budget announcements (FY 2021-22) by the Government to give further boost to digital transactions in the country.
13-Jul-2021: Finance Minister Smt Nirmala Sitharaman and Finance Minister of Bhutan Mr. Lyonpo Namgay Tshering jointly launch BHIM–UPI in Bhutan
Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman, along with her counterpart, the Hon’ble Finance Minister of Bhutan, Mr. Lyonpo Namgay Tshering, jointly launched BHIM–UPI in Bhutan today afternoon in a virtual ceremony. The function was also attended by the Minister of State (Finance) Dr. Bhagwat Kishanrao Karad, the Governor of the Royal Monetary Authority of Bhutan Mr. Dasho Penjore, Secretary, Department of Financial Services, Shri Debasish Panda, the Ambassador of India to Bhutan, Ms. Ruchira Kamboj, the Ambassador of Bhutan to India General V. Namgyel, and the MD & CEO of NPCI Shri Dilip Asbe.
While speaking on the occasion, Smt. Sitharaman said that the services have started in Bhutan under India's neighbourhood first policy and India is proud of our achievement and feel pleasure in sharing it with our valued neighbour. The Finance Minister said that BHIM UPI is one of the brightest spot and an achievement for digital transactions in India during the time of COVID-19 pandemic with more than 100 million UPI QRs have been created in last 5 years and BHIM UPI in 2020-21 has processed 22 billion transactions worth value Rs 41 lakh crore.
The Finance Minister of Bhutan, Mr. Lyonpo Namgay Tshering, thanked and appreciated the Government of India for the launch of BHIM-UPI services in Bhutan and added that the bond between the two countries has become stronger each passing day.
India and Bhutan have already enabled inter-operability in acceptance of RuPay cards in each other’s countries in two phases – acceptance of RuPay cards issued in India at Bhutan based terminals in the first phase, and vice versa in the second phase.
With today’s launch of BHIM-UPI in Bhutan, the payment infrastructures of the two countries are seamlessly connected and will benefit a large number of tourists and businessmen from India who travel to Bhutan each year. This will enhance the ease of living and ease of travelling through cashless transactions at the touch of a button.
As a part of the launch, Smt. Nirmala Sitharaman also made a Live transaction using BHIM-UPI to purchase an organic product from a Bhutanese OGOP outlet, which sells fresh farm produce made organically by local communities in Bhutan.
Bhutan is the first country to adopt UPI standards for its QR deployment, and the first country in our immediate neighbourhood to accept mobile based payments through the BHIM App.
13-Nov-2019: BHIM UPI goes global
As a first step towards internationalisation, a pilot demo of BHIM UPI QR-based payments began in Singapore with a live transaction at a merchant terminal at the FinTech Festival 2019.
High Commissioner of India to Singapore Jawed Ashraf demonstrated the first transaction under the pilot run, which will continue during the Singapore FinTech Festival 2019 that is being held between November 11 and 15.
This QR code-based system would allow anyone with a BHIM app to scan the Singapore Quick Response Code (SGQR) at NETS terminals in Singapore for payments. This is the first time that BHIM app has gone international.
The project is being jointly developed by the National Payments Corporation of India (NPCI) and the Network for Electronic Transfers (NETS) of Singapore. It is targeted to go fully live by February 2020 and cover thousands of terminals in Singapore, after the Reserve Bank of India's approval.
By February 2020, it is also expected that all RuPay cards, including domestic ones, will be acceptable in Singapore.
21-Oct-2019: Govt launches BHIM 2.0 with new functionalities, additional language support
The IT Ministry unveiled a slew of new initiatives and programmes, including BHIM 2.0 that packs-in new functionalities, supports additional languages and has increased transaction limits.
BHIM app, a UPI based payment interface developed by National Payments Corporation of India (NPCI) that allows real time fund transfer, was launched in December, 2016.
In order to make BHIM app more feature-rich and effective it has been enhanced with a bunch of new functionalities. Some of the striking features marking BHIM 2.0 include a 'Donation' gateway, increased transaction limits for high value transactions, linking multiple bank accounts, offers from merchants, option of applying in IPO, gifting money.
The new version of BHIM also supports three additional languages -- Konkani, Bhojpuri and Haryanvi -- over and above the existing 13.