Incentive Scheme for promotion of low-value BHIM-UPI transactions Persons to Merchant (P2M) Flashcards
estimated budget
Rs 1,500 crore
time period
for Financial Year 2024-25 (FY25)
The scheme will cover only UPI P2M transactions up to _____ for small merchants and will be implemented from _____ to ____
Rs 2,000 ;
April 1, 2024 to March 31, 2025.
As per the scheme, small merchants accepting UPI payments up to Rs 2,000 will receive an incentive at the rate of_____ per transaction and will not pay Merchant Discount Rate (MDR).
0.15%
The scheme has clarified that no incentive will be paid by the GoI to large merchants for transactions above Rs 2,000 and these transactions will remain MDR-free.
Acquiring banks will get ____ of their admitted claim amount for all quarters of the scheme, without any conditions
80%
While, the remaining 20% of the admitted claim amount for each quarter will be disbursed, after the completion of the following two conditions:
- 10% of the admitted amount will be paid only when the technical decline rate of the acquiring bank will be below _____.
- And, 10% of the remaining admitted amount will be paid only when the system uptime of the acquiring bank will be above _____.
0.75% ; 99.5%
i. The scheme will allow _____ to avail of UPI services at no extra cost.
ii. The scheme will provide seamless payment facilities to common citizens with no additional charges.
small merchants
- The GoI has set the target of achieving _____ total transaction volume in FY25.
- As per Reserve Bank Of India (RBI), MDR upto 0.90% of transaction value is applicable across all card networks. (for Debit cards).
- As per National Payments Corporation of India (NPCI) , MDR upto 0.30% of transaction value is applicable for UPI P2M transaction.
Rs 2,000 crore
In January 2020, MDR was made _____for RuPay Debit Cards and BHIM-UPI transactions.
zero
