Shillong May 29: With the aim to achieve the target 2500 crore digital payment transaction set for Financial Year 2017-2018, the Government of India vide Gazette Notification No. 6 (19)/2017-DPD-1, dated 27.12.2017, has waived off Merchant Discount Rate (MDR) applicable on Debit Card/BHIM/ UPI/Adhar Pay transactions less or equal to Rs. 2000/- in value for a period of two years with effect from 1st January 2018.
Further, Government of India has also revised and extended BHIM Cashback Scheme for Individuals, BHIM Incentive Scheme for Merchants and BHIM Aadhar Merchant Incentive Scheme with effect from 1st April 2018 till 31st March 2019 for promotion and wider adoption of digital payment.
These initiatives are aimed to promote digital transactions and also improve the adoption of digital payments in the country which had seen a significant growth from 1003 Cr in 2016-27 to 2600 Cr in 2017-18.
