Petrol pumps defer decision to not accept card payments till 13 January
Petrol pump owners deferred till January 13 their decision to not accept credit and debit card payments for fuel sales after banks put off the move to levy the transaction (MDR) charge.
New Delhi: Petrol pump owners deferred till January 13 their decision to not accept credit and debit card payments for fuel sales after banks put off the move to levy the transaction (MDR) charge.
To promote cash-less transactions, the government had waived the Merchant Discount Rate (MDR) on fuel purchase post demonetisation for consumers. But after the expiry of the 50-day window, the banks have decided to levy MDR on petrol pump owners.
This meant petrol pumps having to bear 1 per cent on all credit card transactions and between 0.25 per cent and 1 percent on all debit card transactions from January 9. In protest of the move, petrol pump operators had decided not to accept card payments from tomorrow.
"We have received official communication from oil marketing companies that the transaction fee charges have been deferred till 13 January, 2017. AIPDA also has decided to defer the agitation till January 13," said Ajay Bansal, President, All India Petroleum Dealers Association (AIPDA).
Thanks to the zero-interest EMI option not only have the number of credit card defaulters fallen, but consumerism is at its peak too with the average credit card spend per month jumping 42 percent in the last two years.<br /><br />
Cyber criminals covet such data because it can be used to open bank accounts, obtain credit cards and engage in identity theft. Many states require banks to notify customers if they believe there is any chance that such information may have been taken in a breach.<br /><br />