Government Announces Awards upto Rs. 340 Crores on Digital Payments

The award scheme is especially focused on bringing the poor, lower middle class and small businesses into the digital payment fold.

    To encourage digital payments and a transition to a cashless economy in a strategic manner, the government of India has recently announced daily, weekly and mega awards worth Rs. 340 crores for consumers and merchants on small digital payments beginning Christmas Day.

    Government Announces Awards upto Rs. 340 Crores on Digital Payments

    NITI Aayog or the National Institution for Transforming India which is a policy think-tank established by the Narendra Modi government to replace the Planning Commission, has announced the launch of the schemes such as Lucky Grahak Yojana and the Digi-धन Vyapar Yojana to give cash awards to consumers and merchants who utilize digital payment instruments such as e-wallets, USSD, smartphone apps, etc. for personal consumption expenditures.

    Launched as A Christmas Gift

    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 especially focused on bringing the poor, lower middle class and small businesses into the digital payment fold.

    It has been decided that National Payment Corporation of India (NPCI) shall be the implementing agency for this scheme.

    The Aim of the Scheme

    Well, the primary aim of these schemes is to incentivize digital transactions so that electronic payments are adopted by all sections of the society, especially the poor and the middle class.

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    As such, the schemes have been designed keeping in mind all sections of the society and their usage patterns. For instance, the poorest of poor would be eligible for rewards if they are using USSD. People in villages and rural areas can participate in this scheme through AEPS. The scheme will become operational with the first draw and will lead up to a Mega Draw on Babasaheb Ambedkar Jayanti on 14th April 2017.

    The scheme comprises of two major components, one for the Consumers and the other for the Merchants.

    Focus on Small Transactions

    Well, the primary aim of these schemes is to incentivize digital transactions so that electronic payments are adopted by all sections of the society, especially the poor and the middle class.

    As such, the schemes have been designed keeping in mind all sections of the society and their usage patterns. For instance, the poorest of poor would be eligible for rewards if they are using USSD.

    People in villages and rural areas can participate in this scheme through AEPS. The scheme will become operational with the first draw and will lead up to a Mega Draw on Babasaheb Ambedkar Jayanti on 14th April 2017.

    The scheme comprises of two major components, one for the Consumers and the other for the Merchants.

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    Estimated Expenditure

    The estimated expenditure on the first phase of the scheme (up to 14th April 2017) is likely to be 340 Crores. The Government will simultaneously carry out a review for further implementation.

    After the demonetization move, India seems to be transitioning at a rapid rate from a cash user society to a cashless society.

    Indeed, the event can be marked as a historic moment in our nation's history when our nation is shedding old habits and rapidly adopting new means which hopefully shall propel everyone into a truly modern age.

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