With debit cards, shopping will be easy, less than the new year, transaction fees

  • With debit cards, shopping will be easy, less than the new year, transaction fees
    With debit cards, shopping will be easy, less than the new year, transaction fees
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More and more people in the country can buy from a debit card, Reserve Bank of India has decided to revise the merchant discount rate (MDR) on this. Now the trader whose business owns up to 20 lakh rupees is up to a maximum of 0.40%, and the trader doing more than this will have to pay more than 0.90% MDR. If the transaction is based on the Quick Response (QR) code then further reduction in the MDR. This order 1 In other words, MDR is also called transaction fee which is traded on traders. This fee is charged by the card issuing financial institution. Large shops, malls, hotels etc. charge themselves for this duty, whereas small and medium shoppers charge customers for it.

According to a letter in relation to the MDR payable on the debit card by the Reserve Bank on Wednesday, instead of the transaction, the trader's turnover has been made the basis of MDR.

Additionally, the rates for selling points, i.e. POS machines and quick response i. The QR code has been fixed separately. In this arrangement, the trader who has done a turnover of Rs 20 lakh last year is small, while those who do more than this amount are considered as big businessmen.

For small business, the rate of MDR in Poisson can be 0.40%. This means that on purchasing of rupees, the MDR of four rupees 1,000 will be paid by the merchant from this type of merchant, the customer will have to pay MDR of up to Rs 200. If there is a transaction on the basis of QR code, then the MDR can be upto 0.30% and the maximum can be Rs.200.

The MDR rate for big business will increase by 0.90 percent. Meaning of MDR of nine rupees on transaction of one thousand rupees. The rate of MDR in QR code is 0.8%. In both cases, MDR can be equal to Rs 1,000 as per transaction. The Reserve Bank has clarified that the same rate of MDR will be applicable for online transactions.

Less than the rupee will increase the purchase of less than 1,000
At present, the rate of MDR in 1,000 rupees is 0.25 percent, which is more than Rs 2.50. At the same time, the rate of MDR is more than 1,000 rupees but the rate of up to 2,000 rupees is 0.5 percent. Both rates are the same for all business people

Rupee. No limit has been set for the MDR on transactions of more than the maximum amount in the MDR is not capping. This means that in the new system, the rate of MDR will be increased from Rs 1.5 to 4 to 9 rupees on a debit card purchase of less than Rs. 1,000.

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