RBI reduces debit card transactions at merchant outlets to promote cashless transactions
Posted on:07 Dec 2017 16:20:27
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07 December 2017 Current Affairs: Current affairsTo boost Digitisation, the Reserve Bank of India (RBI) has taken a crucial step revising merchant discount rates (MDR) charges on Merchants. Now even small businesses will start accepting payments from your Debit card through Scan and Pay.
DR is the rate charged to a merchant by a bank for providing debit and credit card services. As per the new rules, merchants with revenue of less than Rs 20 lakh, the MDR would be 0.4% for Rs 200 and 0.9% for Rs 1,000.
These charges will come into effect from 1 January 2018.
For accepting payments via QR (quick response) code based transactions, the charge will be 0.30 percent subject to a cap of Rs 200 per transaction.
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