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Banks cautioned against imposing levies like MDR on electronic transactions
Central Board of Direct Taxes has also directed banks to refund charges since January 1, 2020, collected on transactions carried out using electronic modes including UPI by businesses having turnover of over Rs 50 crore.
MDR waiver will hit digital payments ecosystem, says NPCI CEO
The NPCI is currently discussing the possibility of bringing back MDR with the ...
Low transaction charges don’t promote digital payments: Mastercard CEO Ajay Banga
“Wherever in the world MDR has been reduced to the levels w...
Digital payment gains should be used to acquire merchants, says Nirmala Sitharaman
The prebudget meeting on Friday was necessitated after the government waived off MDR for merchants on digital payments made through RuPay debit cards and Unified Payments Interface (UPI) devices from January 2020.
Reserve Bank sets up a Rs.500 crore digital payments infra fund
The central bank has made an initial seed contribution of Rs.250 crore to the PIFD with the other half of the fund expected to be contributed by all card issuing banks and network operators. Fund primarily to be used for development of digital payment infra in rural and north east districts of the country
Surging UPI failure rates worry banks
Ten of the top 30 banks using the country's UPI network record failure rates of over 3% in September. Nine of these banks were state-owned.
Banks approve reduced fees for UPI, RuPay
After a letter from the Indian Banks’ Association (IBA) on removing entire fees on these transactions, which would have meant significant revenue loss for its owner National Payments Corporation of India (NPCI), the two parties have reached an understanding for now.
Zero cost EMI vs Buy now, pay later: What is the actual interest cost you pay in both the schemes?
While buying a product on EMI takes away the burden of paying the cost upfront, one should remember that there is always a cost that one has to bear in these schemes. In this story, we will take a closer look at both these schemes and the hidden charges that come along with them.
Banks are going all out with offers to revive credit growth during festive season
Large lenders such as the State Bank of India, HDFC Bank and ICICI Bank have unveiled a host of special offers to take advantage of pent-up consumer demand during the festive season as they hope higher demand will make up for the lost first quarter.
Government needs to cap MDR on debit card at 0.6% to promote digital transaction: Report
The study done by the Indian Institute of Technology Bombay further suggested that there could be an upper ceiling of Rs 150 for a prescribed merchant discount rate (MDR) of 0.6 per cent.
No charges on digital payments made to large biz establishments from Nov 1
FM Nirmala Sitharaman had said business establishments with annual turnover of more than 50 crore should offer low cost digital modes of payment to their customers and the RBI and banks should absorb cost of transactions.
CBDT asks banks to refund any fees levied on UPI transactions in 2020
Private banks such as ICICI Bank, Axis Bank, Kotak Mahindra Bank and HDFC Bank have recently started charging customers on UPI transactions beyond a prescribed limit for free transactions.
Private banks are quietly introducing customer charges on digital payments during lockdown
Burdened with record volumes and Zero MDR banks such as HDFC Bank, Axis Bank, ICICI Bank and Kotak Mahindra Bank have all introduced different forms of processing fees on high frequency and low-ticket size digital payments during lockdown months. Experts say more banks could follow suit.
VISA criticizes government's zero Merchant Discount Rates move
Payments companies and banks that ET has spoken with said that no clarification has been issued by the centre yet on the implementation of the move since the announcement in July.
MDR boost for merchants using UPI
This move is expected to encourage small grocery stores, chemists and kirana stores across the country to set up basic acceptance infrastructure such as QR code to receive payments made through UPI.