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MDR Waiver: UPI Payments to Increase, Earnings of Banks to be Hit
July 16, 2019
The government’s decision of waiving merchant discount rate (MDR) has got the industry talking. On one hand, person-to-merchant transactions and large retailers can be expected to use more UPI-based payments, POS providers and banks will have to bear the cost that will hurt their revenue.
As per the announcement, MDR won’t be charged on businesses that have a turnover of 50 crores. The businesses can use payment channels like NEFT, BHIM UPI, Aadhaar Pay, QR Code, and select debit cards to avail of this benefit. However, the fee will have to be paid by the central bank RBI and the banks.
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