FILE PHOTO: RuPay logo is displayed on the smartphone in this illustration taken, November 28, 2021. REUTERS/Dado Ruvic
NEW DELHI (Reuters) -India on Wednesday approved a 13-billion-rupee ($170 million) plan to promote domestic RuPay debit cards and low-value digital transactions to boost their use in marginalised populations, in a move that could challenge the clout of rivals like Visa and Mastercard.
Under the plan, the government will pay banks a percentage of the value of transactions done via RuPay debit cards and low-value direct interbank transactions for a year, backdated to begin in April 2021, a government statement said.
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