MERCHANT DISCOUNT RATE
RBI seeks to cut card fees for small merchants
The existing MDR is capped at 0.75% for transactions up to Rs 2,000 and 1% for over Rs 2,000. However, there is no RBI cap on MDR on credit card payments.
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The RBI had decided to slash MDR charges on payments made through debit cards and do away with levies on small transactions.
No incentives left for banks to push digital pay, fears fintech
While the finer details are still being evaluated, payments firms are looking at fresh business opportunities in the government’s push towards penalising cash payments.
JSW Energy to gain most from rise in merchant power tariff
JSW Energy, which is promoted by Sajjan Jindal, generates 70 per cent of its total power capacity thermally.
Government mulls reducing MDR charges on card payments
The existing MDR is capped at 0.75 per cent for transactions up to Rs 2,000 and 1 per cent for over Rs 2,000. However, there is no RBI cap on MDR on credit card payments.
Discount on digital payment at petrol pumps cut to 0.25%
Oil companies have now informed the petrol pump operators that the discount has been cut to 0.25 per cent, they said citing mobile text message sent to petrol pump operators.
RBI to lower charges on debit card transactions of up to Rs 2,000
RBI also instructed banks as well as prepaid payments instrument companies to not levy any charge on customers for transactions upto Rs 1,000 done through USSD, IMPS or UPI.
Post demonetisation, MFIs look to digitise
MFIs and small finance banks (SFBs) like Equitas are joining the bandwagon of instant loan approval. They send field officers with tablets.
Government waives transaction fee on IMPS, NEFT transfer of over Rs 1,000
Govt has asked PSU banks to restrict fees on e-payments for a transfer of over Rs 1,000. This direction will apply for all transactions up to March 31, 2017.
Banks may cut UPI charges for merchants
Peer-to-peer (P2P) transfers under UPI are currently free but businesses are charged for receiving payments via this mobile-based system.
RBI plans to rationalise merchant discounts to promote card payments
RBI proposes to rationalise MDR to encourage setting up of more point of sale terminals as use of plastic cards has gained traction for purchases of goods and services.
RBI caps charges on debit card transactions at merchant outlets
RBI has split the amount of MDR, fee that shop keepers charge customers, into two – for merchants with turn-over of less than Rs 20L & the other for more than Rs 20L.
No surcharge, service charge on card payments: Cabinet
The meet chaired by Prime Minister Modi also approved mandating payments beyond a prescribed threshold only through a card or digital mode.
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