MERCHANT DISCOUNT CHARGES
New credit card rules: Bank of Baroda hikes interest rates and late payment fees on this credit card
Bank of Baroda credit cards: The hiked rates are applicable from June 26, 2024, as per the Most Important Terms and Conditions pages on the GetOnecard website.
Cards vs UPI; Byju’s advisory council dissolved
Happy Monday! UPI's ease of use is driving a shift to cashless payments, leaving debit cards behind. This and more in today’s ETtech Morning Dispatch.
New PoS deployment grows at slowest pace since demonetisation: RBI data
Industry insiders told us that while new PoS terminals are still being deployed, it’s mostly in organised and large format retail, which offer all payment forms. However, grocery shops, smaller stores and eateries are tilting towards QR code-based UPI transactions.
UPI Service providers sought regulatory intervention to make transactions remunerative
The UPI payment ecosystem is currently under the sway of two major players – Google Pay, commanding a substantial 47% market share, and PhonePe, a Walmart subsidiary, holding a significant 37% share. This duopoly underscores the competitive landscape and the uphill battle faced by smaller players.
RuPay credit cards of HDFC Bank, Axis Bank, IDFC FIRST Bank, SBI Card: Cashback, annual fee, discounts
The RuPay credit card was launched in 2017 and these enable secured payments for purchasing goods and services at merchant locations in India as well as abroad. Given below are the top credit cards available on the Rupay network chosen basis the overall value back they offer in their respective spending category.
Paying gas, electricity, and other utility bills using YES Bank credit card to get costlier from May 1, 2024
YES Bank has revised certain features available on all its credit cards except its premium card variant-private. Further experts say that YES Bank is the first bank in India to impose a 1% extra charge on all utility bill payments via credit cards. A utility bill payment can comprise of paying bills for gas, water, electricity, etc.
Exclusive: Startups under I-T scanner again; payments startups & processing charges
Indian startups are under scrutiny from the income-tax department over the funding that they’ve raised. This and more in today’s ETtech Morning Dispatch.
Credit card late payment charges: Check how much you have to pay for top banks shopping credit cards
Here is a look at the finance charges and late payment fee for the top banks' shopping credit cards as on December 12, 2023.
Which UPI payments will attract interchange fee? Will you have to bear the cost?
UPI transaction charges: NPCI has advised that UPI transactions made via prepaid instruments, such as wallets and cards will attract an interchange fee of 1.1 per cent for merchant payments from April 1, 2023. The interchange fee will be levied only on specified merchant transactions of above Rs 2,000. Which UPI transactions will attract a fee from April 1, 2023?
Credit card EMI: You pay 18% more than the interest amount, even in 'No Cost EMI'
The interest rate that is charged on revolving dues of a credit card, can go typically up to 42% per annum, if you do not pay off the total dues by the due date. This is why many people covert their spends into EMIs. Moreover, due to various deals on offer many people opt for credit card EMI as payment option at the time of purchase. However, what if we tell you pay 18% more on interest amount and the story is no different in case of 'No Cost EMI'. Read on to know how.
Dunzo holds talks with debt investors to rejig credit terms
Dunzo’s efforts come at a time when it has simultaneously been looking to arrange new capital from both existing and new investors. In June, JioMart, the biggest customer of Dunzo’s B2B arm Dunzo Merchant Services (DMS), cut the prices it paid for last-mile deliveries made by bikes.
Amazon is taking half of each sale from its merchants
For the first time, Amazon’s average cut of each sale surpassed 50% in 2022, according to a study by Marketplace Pulse, which sampled seller transactions going back to 2016.
The tiered system RBI should consider for merchant discount rate charges on digital payments
Overall, it seems as if a tussle is brewing between India’s monetary and fiscal authorities. However, to objectively evaluate this debate on charges for P2M transactions, it is important to understand incentives and dynamics at play in the payments ecosystem.
Remove withdrawal restrictions on basic savings bank deposit accounts for digital payments: Report
On the withdrawal restrictions on BSBD or zero-balance accounts, the report said "in the current phase of digital payments, RBI has to devise ways and means to keep the digital payments outside the age-old definition of withdrawal restrictions in savings deposit."
Stop Discrimination Against RuPay
The government abolished MDR on transactions using RuPay debit cards and Unified Payments Interface (UPI) from January 1, 2020. But banks were allowed to impose MDR - 0.4-0.9% - on merchants for transactions using Mastercard and Visa debit cards. Since then, the issuance of RuPay cards has been trending down. The discriminatory approach will kill RuPay and UPI.
Budget 2021: RBI support could cut cost for deploying payment terminals in rural India
However, key stakeholders – the banks and payment companies -- would continue to demand the resumption of transaction charges albeit a discounted one, on UPI and RuPay, in the upcoming union budget.
Banks, Fintech Firms Seek Return Of MDR On RuPay, UPI Transactions
Banks and digital payments providers have met with officials of the finance and information technology ministries, seeking a ‘flat, slab-based MDR’ on UPI transactions.
Banks cautioned against imposing levies like MDR on electronic transactions
Central Board of Direct Taxes has also directed banks to refund charges since January 1, 2020, collected on transactions carried out using electronic modes including UPI by businesses having turnover of over Rs 50 crore.
Low transaction charges don’t promote digital payments: Mastercard CEO Ajay Banga
“Wherever in the world MDR has been reduced to the levels where it makes it uneconomical for the acquirer or issuer to participate in the natural business of electronic payments, you tend to lose the momentum. It’s a balancing act,” he said in a telephonic interview.
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