{"id":27214,"date":"2018-10-23T12:01:53","date_gmt":"2018-10-23T06:31:53","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=27214"},"modified":"2018-11-22T10:48:07","modified_gmt":"2018-11-22T05:18:07","slug":"mdr-reimbursement-pending-from-banks","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/mdr-reimbursement-pending-from-banks\/","title":{"rendered":"MDR reimbursement pending from banks"},"content":{"rendered":"<p><a href=\"https:\/\/www.thehindu.com\/business\/Industry\/mdr-reimbursement-pending-from-banks\/article25061892.ece\"><span style=\"font-weight: 400;\">MDR reimbursement pending from banks<\/span><\/a><\/p>\n<p><b>News<\/b><\/p>\n<ol>\n<li><span style=\"font-weight: 400;\"> The Payments Council of India (PCI) has said that reimbursement of merchant discount rates from banks to service providers and merchant aggregators are yet to be received.<\/span><\/li>\n<\/ol>\n<p><b>What is Merchant Discount Rate (MDR)?<\/b><\/p>\n<ol start=\"2\">\n<li><span style=\"font-weight: 400;\"> MDR is the fee that a merchant has to pay to a bank for every transaction that is split between the bank which issued the card, the payment service providers, and payment gateways (<\/span><span style=\"font-weight: 400;\">PaUbiz <\/span><span style=\"font-weight: 400;\">and <\/span><span style=\"font-weight: 400;\">PayUMoney<\/span><span style=\"font-weight: 400;\">)<\/span><\/li>\n<\/ol>\n<ul>\n<li style=\"font-weight: 400;\"><b>Payment Service Provider<\/b><span style=\"font-weight: 400;\"> &#8211; <\/span><span style=\"font-weight: 400;\">A payment service provider (PSP) offers online services for accepting credit card, debit card, online banking payments<\/span><\/li>\n<\/ul>\n<ol start=\"3\">\n<li><span style=\"font-weight: 400;\"> In December 2017, the Ministry of Electronics and Information Technology, had said that MDR would be reimbursed by the government on transactions up to Rs.2000.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> It is applicable on transactions made through debit cards, BHIM UPI or Aadhaar enabled payment systems.<\/span><\/li>\n<\/ol>\n<p><span style=\"text-decoration: underline;\"><span style=\"font-weight: 400;\">Payment Council of India<\/span><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">PCI is an apex non-governmental body representing companies in payments and settlement system.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It was formed in 2013 under aegis of IAMAI (Internet and Mobile Association of India) to cater needs of digital payment industry in India<\/span><\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\"><span style=\"font-weight: 400;\">Impact of the move<\/span><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Ambiguity over reimbursement will impact the operating ability of merchant aggregators<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Erode the efforts to promote digital payments<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>MDR reimbursement pending from banks News The Payments Council of India (PCI) has said that reimbursement of merchant discount rates from banks to service providers and merchant aggregators are yet to be received. What is Merchant Discount Rate (MDR)? MDR is the fee that a merchant has to pay to a bank for every transaction&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/mdr-reimbursement-pending-from-banks\/\">Continue reading <span class=\"screen-reader-text\">MDR reimbursement pending from banks<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[950,951],"class_list":["post-27214","post","type-post","status-publish","format-standard","hentry","category-test-1","tag-merchant-discount-rate-mdr","tag-payment-service-provider-psp","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704639754},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/27214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=27214"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/27214\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=27214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=27214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=27214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}