Petrol pump owners defer their decision to not accept credit, debit card payments for fuel sales till 13 January 2017

Petrol pump owners has deferred till 13 January 2017 their decision to not accept credit and debit card payments for fuel sales after banks put off the move to levy the transaction charge.To promote cashless transactions, the government had waived the Merchant Discount Rate (MDR) on fuel purchase post demonetization for consumers. But after the expiry of the 50-day window, the banks have decided to levy MDR on petrol pump owners.

This meant petrol pumps having to bear 1% on all credit card transactions and between 0.25% and 1% on all debit card transactions from 9 January 2017 .

Source-The Hindu


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