Prime Minister Narendra Modi, on 16 December, described the two schemes - Lucky Grahak Yojana and Digi Dhan Vyapar Yojana - launched by NITI Aayog as a "Christmas gift to remember."
Taking to twitter, PM Modi said the schemes "will further incentivise digital payments" and will be a big boost in the move towards "cashless and corruption-free India".
NITI Aayog CEO Amitabh Kant said the schemes will encourage every section of society to move towards digital payments. From Christmas, the government will give a bonanza of cash awards to consumers and as well as traders.
A total of Rs 340 crore will be given in prizes for both customers and traders selected through lucky draws, reported NDTV.
After the first draw on 25 December, the National Payment Corporation of India (NPCI) will announce 15,000 winners who will get 1,000 rupees daily for 100 days.
7,000 weekly awards will be announced for consumers and traders each.
Only transactions made through the government issued RuPay Cards, the UPI (Unified Payment Interface), USSD (Unstructured Supplementary Service Data), and Aadhar-Enabled Payment Systems will be eligible for the lucky draws, reported a leading daily.