Mengshette, a second year student of Electrical Engineering from Latur district in Maharashtra, received the cash prize from Prime Minister Narendra Modi at a function in Nagpur today.
She won the mega prize for making a transaction of Rs 1,590 through her Rupay card online.
The second prize of Rs 50 lakh under the Lucky Grahak Yojana, an official statement said, was won by Hardik Kumar from Khambhat in Gujarat.
Under the Digi-Dhan Vyapar Yojana category for merchants, the first prize of Rs 50 lakh was won by Anand Ananthapadmanabhan for accepting a payment of Rs 300 at GRT Jewellers in Tambaram, Tamil Nadu.
The second prize of Rs 25 lakh was won by Ragini Rajendra Uttekar, owner of a small beauty parlour in Thane, Maharashtra, the statement said.
She accepted a payment of Rs 510 which won her the amount, it added.
NITI Aayog's two schemes to incentivize digital payments -- Lucky Grahak Yojana and DigiDhan Vyapar Yojana -- was launched on December 25 last year.
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