Multiple initiatives taken by Government and other financial institutions to promote digital payment transactions

The Ministry of Finance informed Lok Sabha about various initiatives by the Government, RBI, and NPCI to boost digital payment transactions.

Key initiatives include an incentive scheme for RuPay Debit Cards and BHIM-UPI, and the Payments Infrastructure Development Fund (PIDF) for underserved regions. Measures like device binding and AI/ML-based fraud monitoring by NPCI are also in place to prevent payment-related frauds.