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RuPay Credit Card For UPI Payment By Scanning QR Code Will Be Launched Very Soon
Merchant Discount Rate (MDR) is the charge paid by the merchant to the bank for processing the payment. This can be up to 2-3 percent of the transaction.
In the meeting of the Reserve Bank of India's Monetary Policy Committee in June, it was decided that now UPI transactions can also be done with the help of credit cards. Work is progressing rapidly in this direction. National Payment Corporation of India (NPCI) is in talks with several banks to allow transactions by scanning QR codes with the help of RuPay credit cards. To give relief to small merchants, they are also being considered for exemption in the MDR charge.
Merchant Discount Rate (MDR) is the charge paid by the merchant to the bank for processing the payment. This can be up to 2-3 percent of the transaction. The bank charges up to a 2-3 percent merchant discount rate on credit card transactions from large shopkeepers. NPCI is considering giving relief to small shopkeepers from this charge.
Focus on different types of transactions
Dilip Asbe, Managing Director and CEO of NPCI said at the event organized by Bank of Baroda, “We are focusing on crores of different types of transactions that happen daily. Card tokenization for contactless transactions is underway. Apart from this, the facility of parking is being considered to be added to the toll collection FASTag card. Apart from this, the idea of including transactions at petrol pumps is also going on.
Many banks have shown interest
Last week, the NPCI CEO said that in the next two months, with the help of RuPay credit cards, UPI payments will also be able to be done. Many banks have shown interest in this. NPCI will first make a guideline in this regard, then it will be sent to the Reserve Bank for approval. SBI Cards, Bank of Baroda Cards, Axis Bank, and Union Bank of India have shown their interest.
