Merchants won’t have to pay charges for card transactions below Rs 2000
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In a major push to strengthen digital economy, the RBI has also directed banks as well as prepaid companies not to levy any charge customers for transactions up to Rs 1000 through USSD, IMPSor
USSD or unstructured supplementary service data is the *99# service, which is hosted by the
Both of these instructions from the regulator would be applicable from January 1 of next year till March 31, since anyway these charges have been waived off till December end.
"For transactions up to Rs 1,000, MDR shall be capped at 0.25% of the transaction value and that above Rs 1,000 and upto Rs 2,000, MDR shall be capped at 0.5% of the transaction value,, said the RBI in a statement released on Friday.
It did not say anything about changes in MDR for transactions above Rs 2,000. The regulator has further added that these changes would not be affected on ATM transactions. It would review the charges in the meantime by consulting with various stakeholders, which could include banks, payment companies and the government.
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