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LATEST NEWS UPDATES | No charges on debit card transactions up to Rs 2,000 from now

No charges on debit card transactions up to Rs 2,000 from now

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published Published on Jan 2, 2018   modified Modified on Jan 2, 2018
-PTI

Giving further impetus to digital payments, the government will reimburse charges for transaction up to Rs2,000 on debit cards and BHIM

New Delhi:
Customers will not have to pay any transaction charges for payments through debit card, BHIM app and other payment made for up to Rs2,000 from Monday onwards.

Last month, union cabinet approved a proposal that government will bear the merchant discount rate (MDR) charges on transactions up to Rs2,000 made through debit cards, BHIM united payments interface (UPI) or Aadhaar-enabled payment systems to promote digital transactions. “Happy Digital 2018. December Quarter BHIM transaction rises 86 per cent to 145.6 million with value of Rs 13,174 crore,” financial services secretary Rajiv Kumar said in a tweet.

“Further impetus to digital payments, government to reimburse charges for transaction up to Rs 2,000 on debit cards/BHIM. Zero charges on merchants. Go Digital, embrace transparency,” he said. 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 banks.

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Livemint.com, 1 January, 2018, http://www.livemint.com/Industry/HqzUTViYzykklJhkNmcTMO/No-charges-on-debit-card-transactions-up-to-Rs2000-from-now.html


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