Friday, 17 February 2017

RBI proposes lower MDR from April 1 to keep digital-pay momentum

RBI proposed to drastically cut MDR charges on debit card payments from April 1 with a view to maintain momentum of digital transactions post note ban, especially among small merchants. For small merchants with annual turnover of Rs 20 lakh and special category merchants, like utilities, insurance, mutual funds, educational institutions and government hospitals, the MDR charge has been proposed at 0.40 per cent of the transaction value. 

Merchant Discount Rate (MDR) charge, which is levied on debit card transaction, would be even less at 0.3 per cent if transaction is through digital PoS (QR Code), the RBI said in a draft circular on rationalisation of MDR for debit card transactions.

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