Paytm waives off charges on merchant transaction | UPSC CURRENT AFFAIRS
Paytm waives off charges on merchant transaction
Why in News?
Paytm said it has waived off all charges on merchant transactions, enabling them to accept payments from Paytm wallet, UPI apps and RuPay cards at zero charge.
What is MDR?
- Merchant discount rates (MDR), is the charge that a merchant has to pay to the bank concerned every time a consumer uses his debit card on the point-of-sales (PoS) machine.
- Currently, MDR is 0.25 per cent for purchases below Rs 1,000 and 0.5 per cent for those between Rs 1,000 and Rs 2,000.
- According to the revised rates for shops up to revenue of Rs 20 lakh per year, MDR will be 0.4 per cent of the purchase value or Rs 200, whichever is lower.
- For stores above that bracket, MDR will be 0.9 per cent or Rs 1,000, whichever is lower.
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