Central Government’s planning body NITI Aayog has proposed a new lucky draw scheme to incentivise digital payments. The proposal has been sent to National Payments Corporation of India. NITI Aayog has proposed the scheme in order to encourage electronic payments and making faster progress towards cashless economy in the country.
Highlights of Incentive Scheme for Digital Payments
- Two levels of incentive amounts under the scheme, weekly and quarterly.
- Weekly Lucky draw of transaction ID’s generated in that week. The contours of the draw prizes are still being finalized.
- Quarterly lucky draw of transaction ID’s generated in that quarter for grand prizes.
- The scheme would focus on increasing awareness and use of digital payments among poor, lower middle class and small businesses.
- The scheme would also provide for recognition of State Governments, their Undertakings, Districts and Urban and Rural Local Bodies who innovate for promoting electronic payment in their respective jurisdictions.
Eligibility for the lucky draw scheme
Following is the eligibility criteria for lucky draw incentive scheme
- All consumers and merchants using digital cashless payment methods.
- Payments done using any of the digital payment methods including USSD, AEPS, UPI and RuPay Cards will be eligible for the scheme.
- For merchants, transactions made of Point of Sale (PoS) machines will be eligible.
- Only the digital payments done after the announcement of de-monetization on 8th November will be eligible for the scheme.
The detailed guidelines of the scheme would be available soon once the scheme gets its nod from the NPCI. According to the government, digital payments have seen a remarkable growth from both numbers and volume aspects.
The main objective of the lucky draw scheme is to encourage people, merchants and businesses to adopt electronic payment methods for all transactions.
The government has also started a website displaying methods and benefits of electronic payments and making India a cashless economy. Below is the URL of the website.