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Visa cuts fee on card transactions, industry says business as usual

The company hopes that the rate cut will drive greater digital adoption, both for consumers and merchants

Topics
Visa  |  Atm Cash Withdrawal  |  Reserve Bank Of India

Mayank Jain & Nikhat Hetavkar  |  New Delhi 

The steep cuts in data processing charges by leading card network Visa recently will have little impact in improving card acceptance in India as the economy is mainly cash dependent, said industry executives. Visa cut its fee per transaction by up to 95 per cent for transactions below Rs 2,000 and the company also reduced its charges for higher-value payments to Rs 1.5 from Rs 2.99 per transaction.

Usually, these charges along with banks’ fee as issuers and merchant acquirers are borne by the merchants. The company hopes that the rate cut will drive greater digital adoption, ...

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First Published: Thu, June 14 2018. 06:40 IST
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