no-extra-charge-on-digital-payments-from-january-1

The Finance Minister announced that the Merchant Discount Rate charges on digital payments for businesses with over ₹50 crore annual revenues will be waived off from January 1, 2020.

Merchant Discount Rate (MDR)

The Merchant Discount Rate is the percentage of the digital transaction that a merchant pays to a bank for accepting payment from their customers.

  • All shops, business establishments and companies with an annual turnover of ₹50 crore or more have been mandated to offer these(Rupay or UPI) modes of payment to customers.
  • This cost is often passed on to the customer.

Payments Council of India

  1. Formed in 2013, it is a non-governmental body which represents Companies in payments and Settlement systems.
  2. It caters to the needs of the digital payments industry.
  3. The council works to promote payments industry growth and to support our national goal of Cash to Less Cash Society and Growth of Financial Inclusion.

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No Extra Charge On Digital Payments From January 1