The Union Cabinet chaired by PM Narendra Modi on Wednesday approved the 'Incentive Scheme for promotion of low-value BHIM-UPI transactions Person to Merchant (P2M)' for the financial year 2024-25.
Spanish Prime Minister Pedro Sanchez on Tuesday had firsthand experience of India's digital payment transactions when he used the Unified Payments Interface (UPI) transaction to buy a Ganesh statue in Mumbai.
This achievement underscores India's rapid advancement in digital payment solutions, surpassing other nations in mobile wallet adoption.The report suggests that the trend of increasing mobile wallet usage is also evident across the Asia-Pacific (APAC) region.
Reserve Bank of India and Nepal Rastra Bank signed and exchanged Terms of Reference for integration of Unified Payments Interface (UPI) of India and National Payments Interface (NPI) of Nepal