UPI Payment Incentive: Everyone across the country is currently using digital payments, which are reaching both developed cities and rural areas. To further extend this reach into smaller towns and villages, the National Payments Corporation of India (NPCI) has launched a special initiative: the ‘UPI Vyapar Saksham’ (UPI Merchant-Enabled) scheme. This scheme offers benefits to shopkeepers; specifically, they can receive an incentive ranging from ₹300 to ₹750 for installing a UPI QR code and a ‘soundbox’ (a device that provides audio alerts for payments).

According to the notification issued by the NPCI for the ‘UPI Vyapar Saksham’ scheme, a shopkeeper who installs a UPI QR code for the first time will receive an incentive of ₹300. Additionally, if a shopkeeper installs a soundbox for payment alerts, they will receive an incentive of ₹750. Furthermore, incentives will be provided for UPI transactions exceeding ₹2,000. This scheme will remain in effect for three years from the date of implementation of the Merchant Discount Rate (MDR).

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Who can benefit from this NPCI scheme?
The primary objective of the ‘UPI Vyapar Saksham’ scheme is to integrate small and medium-sized business owners into the UPI payment ecosystem. Under the scheme, small business owners with an annual turnover of up to ₹40 lakh are eligible. This means that millions of stores, small retail outlets, and street vendors across the country will be able to avail themselves of these benefits.

The NPCI’s initiative aims to promote the use of UPI among shopkeepers in remote areas of the country, with a special focus on Tier-3 to Tier-6 cities. Additionally, the scheme targets the inclusion of business owners in regions such as the Northeastern states, Jammu & Kashmir, and Ladakh.

How long will the scheme continue?
The NPCI scheme will remain active for three years from the date of implementation of the UPI Merchant Discount Rate (MDR). A funding model needs to be established to operate this scheme. Five percent of the Merchant Discount Rate (MDR) share from UPI transactions will be contributed to the fund for this UPI-enabled scheme. Of this total fund, 30 percent will be allocated toward onboarding new merchants, 50 percent toward increasing transaction volumes, and the remaining 20 percent toward development in targeted focus areas.