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Pay Digital And Get Cashback And Awards Worth Rs 340 Crore

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To give a big push to cashless transactions, the government announced daily, weekly and mega awards worth Rs 340 crore for consumers and merchants on small digital payments beginning Christmas Day.

Announcing 'Lucky Grahak Yojana' and 'Digi-Dhan Vyapar Yojana', to be launched on December 25 as a "Christmas gift" to the nation, Niti Aayog CEO Amitabh Kant said it is specially focussed on bringing the poor, lower middle class and small businesses into the digital payment fold, reports PTI.

Electronic payments
  
 

Electronic payments

The schemes will cover small transactions between Rs 50 and Rs 3,000 to encourage every section of the society to move to digital payments.

"The primary aim of these schemes is to incentivise digital transactions so that electronic payments are adopted by all sections of the society, especially the poor and the middle class," Kant said to PTI.

Cashback and weekly prizes
  

Cashback and weekly prizes

Under the Lucky Grahak Yojana for consumers, there will be the daily reward of Rs 1,000 each in a cashback mode to 15,000 lucky winners for a period of 100 days from December 25 till April 13.

Besides, there will be weekly prizes of Rs 1 lakh, Rs 10,000 and Rs 5,000 for consumers using digital payment mode.

For merchant scheme 'Digi-Dhan Vyapar Yojana', there will be weekly prizes worth Rs 50,000, Rs 5,000 and Rs 2,500 to be announced during the period.

Scheme is upto April 14
  
 

Scheme is upto April 14

There will be 7,000 weekly awards each for consumers and merchants. The scheme will end on B R Ambedkar's birth anniversary on April 14, with mega prize announcements for consumers of Rs 1 crore, Rs 50 lakh and Rs 25 lakh for doing transactions digitally between November 8 to April 13.

Likewise, for merchants, the mega prize comprises Rs 50 lakh, Rs 25 lakh, and Rs 12 lakh awards.

Cash economy to cashless economy
  

Cash economy to cashless economy

Kant said only 5 per cent of personal transactions in India are done through digital channels, meaning 95 per cent is done on cash which is giving rise to a very large informal economy, limiting state's ability to levy and raise tax base.

Detailing digital transactions post demonetisation of old Rs 500/1000 notes, he said PoS transactions witnessed a jump of 95 per cent since November 8 (till December 7).

RuPay Card transactions were up 316 per cent and e-wallet 271 per cent, while both UPI about and USSD witnessed increase of about 1,200 per cent each.

No discounts for payments by private digital platforms
  

No discounts for payments by private digital platforms

All forms of transactions through UPI, USSD, Aadhar Enabled Payment System (AEPS) and RuPay cards will be eligible for lucky draws.

Niti Aayog also said the scheme is not applicable for transactions done through private credit cards and e-wallets of private companies.

Kant said the government has taken a host of measures in last two-and-a-half years to fight corruption and black money and there is a big drive to promote digital payments and a transition to less-cash economy is a strategic manner

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Read more about: digital payments cashless economy
Story first published: Friday, December 16, 2016, 10:26 [IST]
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