Merchant Discount Rate

Digitisation push: No charges on debit card payments up to Rs 2,000, MDR to be borne by govt for 2 years

Union Cabinet approved a proposal that government will bear the merchant discount rate (MDR) charges on transactions up to Rs 2,000 made through debit cards, BHIM, UPI or Aadhaar-enabled payment systems to promote digital transactions.

Government to bear MDR charges on transactions through BHIM UPI or Aadhaar-enabled payment systems

The merchant discount rate (MDR) will be borne by the government for two years with effect from 1 January 2018 by reimbursing the same to the banks.

In a big push to 'cashless economy', govt waives MDR charges for digital transactions up to Rs 2,000

Ravi Shankar Prasad was briefing the media about the Union Cabinet scrapping MDR for debit card payments and other digital transactions

RBI to rationalise merchant discount rate for debit card transactions; final guidelines today

As per the draft guidelines issued in February 2017, the MDR has been proposed at 0.40 percent of the transaction value for small merchants with annual turnover of Rs 20 lakh

Government is looking at charges on card payments; may reduce Merchant Discount Rate

The government is looking to reduce Merchant Discount Rate (MDR) charges to encourage digital payments, Niti Aayog Chief Executive Amitabh Kant said on Tuesday. "We are pushing digital transactions. Our aim is to bring down MDR charges.

RBI to reimburse banks MDR charges effective 1 January

"In order to operationalise the (government's direction), the Reserve Bank will reimburse banks MDR on debit cards used for payment of tax and non-tax dues to the government of India with effect from January 1, 2017," the central bank said in a notification.

Cashless payments: Petrol pumps defer decision on card transactions until 13 January

Petrol pumps across the country will stop accepting debit or credit card payments from Monday onwards in protest against the 1 percent transaction fee imposed by banks.

RBI lowers MDR charges for up to Rs 2,000 payments via debit card

The Merchant Discount Rate (MDR) for debit card payments, including for payments made to government, will be capped at 0.25 per cent for transactions up to Rs 1,000 and 0.5 per cent between Rs 1,000-2,000, RBI said in a notification.

Cashless economy: Here is why experts aren't upbeat on Jaitley's digital bonanza

‘Discount’ was the bait that Finance Minister Arun Jaitley used repeatedly in his speech on demonetisation in a bid to push people towards digital payment modes, a month after PM Modi made an announcement to annul Rs 500 and Rs 1,000 notes.