In an effort to boost digital payments in India, the government has decided to bear the merchant discount rate (MDR) charges for transactions up to Rs 2,000 made through debit cards, BHIM-UPI or Aadhaar Pay for two years. The decision will be effective from January 1, when the Reserve Bank of India’s (RBI’s) revised guidelines on the MDR come into force. The MDR is the rate charged to a merchant by a bank for providing debit and credit card services. It is expressed as a percentage of the transaction amount.
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Already a premium subscriber? LOGIN NOW
SUBSCRIBE TO INSIGHTS
What you get on Business Standard Premium?
- Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
- Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
- Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
- Pick your 5 favourite companies, get a daily email with all news updates on them.
- 26 years of website archives.
- Preferential invites to Business Standard events.