To Promote Digital Payments SBI waives MDR on Master, Visa debit cards  

Having already waived merchant discount rate (MDR) on RuPay debit cards last week to promote digital payments, SBI on Thursday extended the same to Mater and Visa debit cards with immediate effect.

‘Merchant Discount Rate’ is the rate charged to a merchant by a bank for providing debit and credit card services. The rate is determined based on factors such as volume, average ticket price, risk and industry.

The move follows government's directive on Wednesday asking banks to facilitate digital transactions by waiving the MDR fee as Rs 500 and Rs 1,000 notes no longer remain a legal tender in an economy that is largely driven by cash dealings.

The country's largest lender SBI said it has been taking all steps to reduce transitory inconvenience to its customers as also the public consequent on withdrawal of these notes from November 9.

SBI is offering convenient electronic and digital payment solutions to its customers through debit cards, pre-paid card, State Bank Buddy, Mingle, as well as internet and mobile banking services.

It has also strengthened its acquiring infrastructure to ensure seamless transactions, as also to supplement cash dispensation to customers through its innovative solutions like Cash@PoS.