Wednesday, 22 February 2017

Government to reduce MDR charges to encourage digital payments

The Indian Government has said that it is looking to reduce Merchant Discount Rate (MDR) charges to encourage digital payments. Commenting on the issue, Niti Aayog Chief Executive Amitabh Kant told the media, "We are pushing digital transactions. Our aim is to bring down MDR charges. Also, if volume of transactions increase, MDR charges will come down."

"We are examining RBI's draft circular on MDR. There are challenges to bring MDR rates down. We will meet those challenges," he added, As per reports, proposing to cut MDR charges on debit card payments from April 1, the RBI proposed an MDR charge on debit card transaction at 0.40 per cent of the transaction value for small merchants with annual turnover of Rs 20 lakh and special category merchants like utilities, insurance, mutual funds, educational institutions and government hospitals.

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