Current Affairs · Government Incentive Schemes for Digital Payments
Regarding the ₹8,276 crore incentive scheme for the promotion of RuPay debit cards and low-value BHIM-UPI (Person-to-Merchant) transactions, which of the following statements best explains its broader socio-economic rationale and objective?
- 1The scheme serves as a social security mechanism where the ₹8,276 crore is used to provide insurance cover for merchants who report a decrease in sales due to the transition from cash-based to digital-first business models.
- 2The primary rationale is to phase out the usage of physical currency by 2030 by mandating that all retail transactions at the subdivision level be conducted exclusively via RuPay cards to eliminate the possibility of tax evasion.
- 3It aims to accelerate the universal adoption of digital payments and reduce cash reliance while formalizing routine economic activities by providing structured budgetary support to lower cost barriers for merchants and acquiring banks, thereby creating digital footprints and enhancing transparency.✓
- 4The scheme is designed as a direct subsidy to individual users to compensate them for the lack of interest earned on digital wallet balances, thereby ensuring digital payments remain more profitable than holding physical cash.
Correct answer
It aims to accelerate the universal adoption of digital payments and reduce cash reliance while formalizing routine economic activities by providing structured budgetary support to lower cost barriers for merchants and acquiring banks, thereby creating digital footprints and enhancing transparency.
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