MERCHANT DISCOUNT RATE
No MDR on RuPay,UPI payments will kill industry, warns industry
The move will apply to all companies with a turnover of Rs 50 crore or more. Merchant Discount Rate is the fee paid by a merchant to a bank for accepting digital payments. The move is part of the budget announcement in July.
Banks suffer Rs 3,800 crore loss to run current payment infra system, says SBI report
Factors like low merchant discount rates (MDR), low car...
Card payments push may land banks with a Rs 3,800 crore annual hole
After note-ban last November, the Modi government has pushed banks into d...
Anxiety for PPI players remain as RBI does not announce a time frame for final guidelines
Reserve Bank of India has said that two crucial decisions on digital payments will be released next year without giving the timeframe.
Hefty fine for shops and firms not accepting digital payments from February 2020
Shops, firms with an annual turnover of Rs 50 cr or more need to provide digital payment facilities.
NPCI may ask banks not to charge for payments made through UPI
HDFC Bank said that UPI-based payments up to Rs 25K will be charged Rs 3 plus service tax and above Rs 25K to Rs 1L will be charged Rs 5 along with taxes.
PM Narendra Modi launches BHIM-Aadhaar platform to push digital payments
"This app can work even on a Rs 1,000-1,500 phone, you don’t need a smartphone. If you don’t have a phone you can use your thumb,” Modi said.
You can pay via UPI by scanning QR codes
Hota added that the MDR on UPI could come down if the RBI reduces the fee on debit cards. The RBI on Thursday said it needs more time to decide on new rates on debit cards.
Banks may get incentives for digital push
The incentive is also aimed at encouraging banks to onboard merchants for the new payments ecosystem and build the requisite infrastructure.
Govt to foot debit card MDR charges on tax, dues payments to GoI
The agency banks who receive payments made to government of India will submit claims of applicable MDR charges to RBI periodically.
Stakeholders believe, MDR waiver may hurt digital India
Finance Minister Nirmala Sitharaman on Saturday said that the zero MDR regime would kick in once the Department of Revenue issued a gazette notification on January 1. Top industry players say Centre’s decision on not levying merchant discount rates will make the business model unviable.
HDFC Bank wants reasonable MDR charges
The country's second largest lender had 2.95 lakh PoS terminals as on October 2016, making it the largest player in this segment.
Use plastic money at petrol pumps and get 0.75% cash back within next 3 days
Issue gains significance as one-third of the country’s petrol pump had stopped accepting cards of three large private banks after they decided to levy charges.
Return of debit card, ATM fee worry cash-strapped people
Most other banks charged Rs 20 per ATM transaction before the November 8 announcement.
Difficult to call; guidance keenly awaited on Indian banks says Religare
It said the RBI’s CRR hike and tepid loan growth in high yielding segments such as retail and SME will more than offset this benefit and compress margins.
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