NPCI has notified the UPI Vyapaar Saksham Scheme to make digital payments easier for small merchants, especially in smaller towns and regions like the Northeast, Jammu and Kashmir, and Ladakh.
The idea is to boost UPI transactions by giving out QR codes and soundboxes, with funding coming from the Merchant Discount Rate (MDR) on UPI payments.
Merchants eligible up to ₹40L yearly
The scheme is open to merchants making up to ₹40 lakh a year, plus some Tier one and two shop owners linked to government programs.
It runs for three years and focuses on three things: bringing new shops onto UPI, encouraging more transactions, and rewarding extra growth.
If you're making payments of ₹2,000 or less, there are special incentives funded by banks and UPI providers (to keep things fair).
NPCI hopes to roll out 6 to 10 million new physical QR codes and 0.5 to 1 million new soundboxes per year, so expect digital payments at even more local stores soon!