Digital payments: Visa blasts govt move to remove MDR; says banks, other stakeholders incur costs on infrastructure
MDR is a commission of up to 2% paid by a merchant establishment to banks which put up the POS machines
Payments Council says abolishing MDR charges to dry up investment capital; will kill revenue source for industry
Abolishing merchant discount rate (MDR) to facilitate digital transaction in the country will dry up foreign capital investment besides leaving the sector without sources of revenue generation, the Payments Council of India (PCI) said on Tuesday
With Aadhaar out-of-bounds, payments industry wants RBI to allow them to use facial-recognition tech for KYC
Facing difficulties after the Supreme Court ordered that Aadhaar cannot be made mandatory for financial/banking transactions, the payments industry wants the Reserve Bank to allow facial recognition-based software to meet the know-your-customer norms
In the crowded digital payments market, there is a fierce competition between companies.
The adoption rate of online platforms was high during the demonetisation period, but it plateaued out as soon as cash became available in the system.
Finance Minister Arun Jaitley's other proposals include launch two new schemes to promote the usage of the BHIM app including referral bonus and cash back for merchants.