To promote digital payment, the Indian government had decided to start 2020 by eliminating merchant discount rates (MDR) charges for digital transactions made via UPI and Rupay card.
Citing that the move will turn unfavourable, SBI and NPCI have urged the government to bring parity between Rupay card and its counterparts, Visa and Mastercard.
Moreover, NPIC believes that these banks, which are the main issuers of the Rupay Card, then will be left with no option but to provide a Master or Visa card to their customers.
On the other hand, SBI has requested the department of financial services to waive off MDR charges for Visa and Mastercard as well.
Any changes in MDR waiver should be extended to all networks, viz – RuPay, Visa and MasterCard to ensure a level playing field,” SBI said. | To read full story, visit https://startuparound.com/read/1578117711.566048/SBI,-NPCI-Signal-U-Turn-On-Merchant-Discount-Rates-On-Rupay-Card?ref=audio_experience