wordpress blog stats
Connect with us

Hi, what are you looking for?

To push digital transactions, govt announces lucky draws for merchants and citizens

cash only

To incentivize people to adopt digital modes of payment, the government has announced two programmes which will provide cash awards to customers and merchants. The scheme specially focuses on bringing the poor, lower middle class and small businesses into the digital payments fold. The two programmes are:

Lucky Grahak Yojana, where consumers will get a daily reward of Rs 1000 to be given to 15,000 people for a period of 100 days. There is also a weekly prize where consumers will get Rs 1 lakh, Rs 10,000 and Rs 5,000 and who use digital payments modes such as UPI, USSD, Aadhaar Enabled Payment System (AEPS) and RuPay Cards. For the time being, the government has excluded transactions through private credit cards  (Visa, MasterCard, American Express etc) and digital wallets. Both the prizes will be a lucky draw.

Digi-dhan Vyapar Yojana, where merchants will be able to get weekly prizes worth Rs 50,000, Rs 5,000 and Rs 2,500.

In addition, the government is giving out a mega draw on April 14th where prizes worth Rs 1 crore, 50 lakh, 25 lakh for consumer digital transactions between 8th November, 2016 to 13th April, 2017.  For merchants, prizes worth Rs 50 lakhs, 25 lakh, 12 lakh  will be given for digital transactions between 8th November, 2016 to 13th April, 2017.

Note that this is applicable only for small transactions within the range of Rs 50 and Rs 3000. The winners shall be identified through a random draw of the eligible Transaction IDs, which are generated automatically as soon as the transaction is completed. As special software developed by the NPCI will be used for this.

Advertisement. Scroll to continue reading.

Growth in digital transactions

– RuPay cards, at ecommerce sites and POS machines, showed a growth of 316% to 16 lakh on December 7 from 3.85 lakh from November 8.

– Digital wallet transactions grew 271% to 63 lakh on December 7 from 17 lakh on November 8.

– UPI transactions grew from 3721 from November 8 to 48,238 on December 7.

– POS transactions increased 95% from 50.2 lakh on November 8 to 98.1 lakh transactions at the end of December 7.

govt-digital-transactions

Note that there are inconsistencies from the data the government has provided in the press release with provisional data the RBI has been giving. The RBI’s data itself is incomplete and does not include lot transactions made on many wallets and includes card transactions from only four banks.

Advertisement. Scroll to continue reading.

 

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

While the market reality of popular crypto-assets like Bitcoin may undergo little change, the same can't be said for stablecoins.

News

Bringing transactions related to crypto-assets within the tax net could make matters less fuzzy.

News

Loopholes in FEMA and the decentralised nature of crypto-assets point to a need for effective regulations.

News

The need of the hour is for lawmakers to understand the systems that are amplifying harmful content.

News

For drone delivery to become a reality, a permissive regulatory regime is a prerequisite.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ