New Delhi, Sept. 19 -- The government is likely to withdraw the existing incentive scheme for BHIM-UPI and RuPay debit card transactions as India shifts towards a differentiated pricing framework for certain UPI merchant payments, government officials said.

Instead, around 5 per cent of Merchant Discount Rate (MDR) collections is likely to be earmarked for a dedicated fund to support small merchants and promote digital payment adoption, particularly among underserved businesses.

BHIM App Set For Revamp

The government is also working on a revamped version of the BHIM app and is likely to relaunch it. The changes come as the UPI ecosystem moves towards a revenue-based model after years of zero MDR for merchant transactions, reported CNBC...