Cashless Society – Digital Payments, Demonetization, etc. Finance and Banking

NPCI schemes will reward digital payments

  1. What: The National Payments Corp. of India (NPCI) will launch two lucky draw schemes on 25 December to incentivise digital payments, as proposed by Niti Aayog
  2. Under the schemes, poor and middle class consumers and small businesses will be rewarded for conducting cashless transactions
  3. Only transactions processed through Rupay cards, USSD, UPI and Aadhaar Enabled Payment System (AEPS) will be part of the schemes
  4. The schemes are —Lucky Grahak Yojana for consumers and Digi Dhan Vyapar Yojana for merchants
  5. Under the Lucky Grahak Yojana, starting 25 Dec, every day for the next 100 days, 15,000 consumers will be awarded Rs1,000 each via a lucky draw
  6. There will also be weekly draws where 7000 winners will win a maximum prize of 1 lakh which will also continue till 14th April
  7. Under Digi Dhan, the weekly prize for merchants will be up to a maximum of Rs50,000, followed by Rs5,000 and Rs2,500 as 2nd and 3rd prizes respectively
  8. Winners will be identified through a random draw of the eligible transaction IDs to be automatically generated by a software developed by NPCI for this purpose
  9. NPCI is the umbrella organization for all retail payments systems in India and is charged with the responsibility of guiding India towards being a cashless society

Note4students:

This news is mainly important due to the govt schemes mentioned. Questions based on it can come in prelims. They can also be used as examples of innovative measures to promote digital payments.

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