Digital transactions to grow as cash usage attracts more compliance

It has been a prominent practice among shop owners. When customers ask to pay through their debit or credit card, the business owner asks for up to 3 per cent extra charge. Reason: Merchants accepting payment through cards are charged a fee (known as Merchant Discount Rate) on each transaction, and they pass it to the customer. Once the Parliament passes the Budget proposals, this practice will stop. To promote digital transactions and make India a less cash economy, the finance minister has proposed multiple measures in her Budget speech. The prominent one that affects most individuals .....

Key stories on business-standard.com are available to premium subscribers only.

Already a premium subscriber?

Subscribe to get an across device (Website, Mobile Web, Iphone, Ipad, and Android Phone applications) access to Premium content, Breaking News alerts, Industry Newsletters, Stock and Corporate news alerts, access to Archives and a lot more.