digi payments

  1. The government has launched two schemes Lucky Grahak Yojana and Digi Dhan Vyapar Yojana to promote digital payments.
  2. It will comprise of two major components, one for the Consumers and the other for the Merchants.
  3. Lucky Grahak Yojana has been launched for Consumers in which daily reward of Rs 1000 to be given to 15,000 lucky Consumers for a period of 100 days.
  4. Also weekly prizes worth Rs 1 lakh, Rs 10,000 and Rs. 5000 has been decided for Consumers who use the alternate modes of digital Payments.
  5. This will include all forms of transactions viz. UPI, USSD, Aadhar Enabled Payment System (AEPS) and RuPay Cards but will for the time being exclude transactions through Private Credit Cards and Digital Wallets.
  6. Digi Dhan Vyapar Yojana has been launched for merchants in which prizes worth  50,000, Rs 5,000 and Rs. 2,500 would be given to Merchants for all digital transactions.
  7. The scheme will become operational with the first draw on December 25, 2016 leading up to a Mega Draw on Ambedkar Jayanti on April 14, 2017.
  8. Mega Draw has been planned on 14th of April on Ambedkar Jayanti in which 3 Mega Prizes for consumers worth Rs 1 cr, 50 lakh and 25 lakh would be given for digital transactions made between November 8, 2016 to April 13, 2017 and the lucky winners’ name is to be announced on 14th April, 2017.
  9. To ensure that the focus of the scheme is on small transactions (by common people), incentives shall be restricted to transactions within the range of Rs 50 and Rs 3000.
  10. All transactions between consumers and merchants, consumers and government agencies and all AEPS transactions will be considered for the incentive scheme.
  11. The winners shall be identified through a random draw of the eligible Transaction IDs by a software to be especially developed by National Payments Corporation of India (NPCI) for this purpose.
  12. The estimated expenditure on the first phase of the scheme (up to April 14, 2017) is likely to be 340 Crores.
  13. The government has gone full throttle to promote digi payments but internet connectivity and infrastructure still lacks in large number of areas which questions the large scale participation and successful implementation of the programme.