MERCHANT DISCOUNT RATE (MDR)

Dec. 29, 2019

Union Finance Minister has said that no Merchant Discount Rate (MDR) will be applicable on transactions through homegrown RuPay and UPI platforms beginning 1st of January next year.

About:

Department of Revenue (DoR) will soon notify RuPay and UPI as the prescribed mode of payment for digital transactions without any MDR.
Now all companies with a turnover of 50 crore rupees or more will be mandated to provide the facility of payment through RuPay Debit card and UPI QR code to their customers. All banks will also start a campaign to popularise RuPay Debit card and UPI.

Source : All India Radio

Latest Current Affairs

See All

What is FWD-200B?

India’s first indigenous bomber UAV a...

May 7, 2024 Internal Security

Key Facts about Black Sea

Ukraine's exploding drone boats appea...

May 7, 2024 Geography

What are Orangutans?

Scientists recently observed a wild m...

May 7, 2024 Environment

Key Facts about Venus

A team of US scientists has shown thr...

May 7, 2024 Geography

What is Choline?

Researchers recently discovered that ...

May 7, 2024 Health

What is India VIX?

Recently, volatility gauge India VIX ...

May 7, 2024 Economy

Fusobacterium nucleatum

In a new study, a group of researcher...

May 7, 2024 Health

What is Chloropicrin?

The U.S. State Department accused Rus...

May 7, 2024 International Relations

What is Magnetic Resonance Imaging?

Magnetic resonance imaging is an indi...

May 7, 2024 Science & Tech

What is Carbon Farming?

The practice of carbon farming is eas...

May 7, 2024 Environment