Government of India has announced lucky draws for digital payment to promote cashless transactions. Following demonetization of old 500 and 1000 notes, the Prime Minister has taken various initiatives to promote cashless transactions. He has introduced two lucky draws for digital payment to popularize banking transactions. They are
- Lucky Grahak Yojana – This is the draw for general public or consumers
- Digi-Dhan Vyapar Yojana – This is for traders or merchants
What payments are eligible?
The Niti Aayog has limited the eligible modes of digital payments into four and they are
- Rupay cards
- UPI Apps
This means, payment made through other modes like web transfer, NEFT, RTGS and even through private card networks like VISA, MasterCard and ewallets like paytm, freecharge are not eligible to participate in lucky draws for digital payment. Let us see them in detail.
Almost all nationalized and private banks are providing Rupay credit or debit cards to its customers. It is the Indian version to Visa and MasterCard . To know more about Rupay, please read.
It is Aadhar Enabled Payment System. Receipts and payments can be made through a micro ATM mostly operated with the help of a bank’s facilitator. Here the authentication is done through finger print scanner after entering the Aadhar number. Then the user has the option to select the bank name linked with that Aadhar number and transaction is made following simple procedure. To know more about AEPS, please read
UPI is expanded as Unified Payment Interface. This mode can be operated via a mobile app. All participating bank accounts can be accessed through single app. It acts like a eWallet and transfers between bank accounts also possible. To know more about UPI apps, please read
USSD – Unstructured Supplementary Service Data
This way of digital transaction is operated through SMS. This is helpful where there is no internet connectivity or absence of smartphones. To use this service, *99*44# has to be dialed and has to follow the instructions provided.
The lucky draws for digital payment
Lucky Grahak Yojana
This is for consumers. Daily cash back prize of Rs. 1000 for 15000 consumers and weekly prizes of Rs. 1,00,000/-, Rs. 15,000 and Rs. 5000 worth can also be won.
Digi-Dhan Vyapar Yojana
This is for merchants and traders using digital transactions. There is no daily prize for them. They can win Rs. 50,000, Rs. 5000 and Rs. 2500 per week and 7000 merchants stand to win every week.
Mega prizes to be announced on 14th April 2017
The three mega prizes of lucky draws for digital payment, consumers are
Rs. 1 Crore, Rs. 50 Lakhs and Rs. 25 lakhs.
for merchants, they are Rs. 50 Lakhs, Rs. 25 Lakhs and Rs. 12 Lakhs.
Apart from taking this kind of initiative, permanent incentives like discounts or point systems or income tax rebates will definitely take digital transactions to a new high.