New Delhi: More than nine months after the government’s move to bear the merchant discount rate (MDR) applicable on digital payments via debit cards up to ₹2,000, the digital payments industry still awaits reimbursements from banks. ALSO READ: Why banks are upgrading your debit, credit cardsMDR is the charge paid by a merchant to a bank for accepting payment from customers via credit or debit cards. According to the Payments Council of India (PCI), the industry body representing all digital payments companies in India, the government has already reimbursed the MDRs applicable on these transactions for a period from January to June to banks. Despite this, banks have not reimbursed the amount to merchant aggregators and acquirers, leaving the payments industry in a fix. ALSO READ: UPI transactions cross 300 million in AugustThe industry body estimates that around 80% volume and 60% of the total value of transactions done through debit cards are for a value of below ₹2,000.

Source: Mint September 27, 2018 14:37 UTC