News

NPCI reduces merchant discount rates for debit cards

Monday 16 September 2019 00:03 CET | News

National Payments Corporation of India has announced the reduction of the merchant discount rates (MDR), the fees paid by merchants to banks.

According to the Economic Times of India, MDR has been revised to 0.60% for transaction above INR 2,000 with a maximum cap of INR 150 per transaction. Currently, this is capped at 0.90% for transaction above INR 2,000 with higher cap of INR 1,000 per transaction. The new MDR rates will come into effect from 20 October 2019.

Moreover, the card based QR transactions (Bharat QR) MDR also has been reduced to 0.50% with a maximum cap of INR 150 per transaction, applicable on all debit cards being processed across Point of Sale (PoS) devices, eCom and BharatQR.


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Keywords: NPCI, National Payments Corporation of India, India, merchant discount rate, debit card
Categories:
Countries: World

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