Big relief for the RBI issuing debit card holders, Learn what changes have been made in transaction charges
New Delhi: In order to promote digital payments, the Reserve Bank of India has made changes in the charge charged by the debit card transaction on Wednesday. Under this, different merchant discount rates have been set for the MDR to be deducted from the card now. According to the RBI’s notification, the MDR charge for annual merchandise, which is upto Rs 20 lakh, has been reduced to 0.40%, in which the per transaction limit will be 200 rupees. This charge will be applicable to online transactions through debit cards or through POS.
The charge will be 0.30 per cent for accepting the payment in QR Code based transaction and each transaction has a limit of 200 rupees charge. If a trader’s annual business is more than Rs 20 lakh then the MDR will be 0.90%. And each transaction will have a charge of 1,000 rupees. It will charge 0.80 for the transaction through QR code and the maximum charge will be 1000 rupees.
MDR band debit and credit card services are available on a merchant basis. Under this, the changes in the rates of increase in the network area of commercial units accepting payment through central bank card. One of its goals is to encourage banks to invest in cashless or under-cash systems.
MDR band debit and credit card services are available on a merchant basis. Under this, the changes in the rates of increase in the network area of commercial units accepting payment through central bank card. One of its goals is to encourage banks to invest in cashless or under-cash systems.
