Efforts paying off on cash transaction charges
I remember Department of Consumer Affairs raising this issue with RBI from the circle.
From January 1 next year, you will not be charged fees on debit card transactions up to Rs 2,000 for at least two years.
In an effort to boost digital payments, the Union Cabinet has decided to waive the merchant discount rate (MDR) applicable on all debit cards, BHIM and UPI transactions up to Rs 2,000. The government will reimburse the same to the banks for a period of two years, starting January 1, 2018. more
From January 1 next year, you will not be charged fees on debit card transactions up to Rs 2,000 for at least two years.
In an effort to boost digital payments, the Union Cabinet has decided to waive the merchant discount rate (MDR) applicable on all debit cards, BHIM and UPI transactions up to Rs 2,000. The government will reimburse the same to the banks for a period of two years, starting January 1, 2018. more
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Although I have uploaded BHIM within two weeks of the PM's announcement in, "Man Ki Baat", I could not make a single transaction till date. Vegetable, fruit, local grocery, and domestic help do not accept cashless transactions. App cabs is tricky. If you wish to pay by card, most cabs avoid accepting the call. Therefore, I have ended up suggesting cash payment at the time of call itself. All other places, I pay using check, credit card, debit card, or net banking. more
Dec 18
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Dec 17
After reading the dozen odd comments on the subject, one would verily view a certain concept behind this decision of the government......and that is to encourage people to use their debit cards, because most......most........most.............. of the purchases made by the financially-not-so-stable are "generally" below Rs2000. This proves once again, that it's the government coming in support of the poor and not-so-well-to-do citizens. On the whole, a laudable step! more
Dec 16
