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All UPI transactions made via prepaid instruments will attract an interchange fee of 1.1% for merchant payments above Rs 2,000 from April 1.
The charge will kick in when a customer having a wallet of one particular company makes a payment to a merchant, who has a wallet of another company.
The charges are applicable only for prepaid payment instruments like wallet and credit cards.
The majority of fintech apps are gradually transitioning to biometric authentication, reducing reliance on 4-digit or 6-digit pins. When it comes to making digital payments, it is recommended to use smartphones that support seamless fingerprint scanning to authenticate the user.
This will enable Kerala government pensioners and employees who have accounts with its treasury to transfer money directly from one e-wallet to another.
Finance Minister Nirmala Sitharaman introduced the Central Bank Digital Currency (CBDC) in her Union Budget 2022-23 speech, saying that it will give a big boost to the digital economy.
An offline digital payment means a transaction that does not require internet or telecom connectivity.
The minister said that the government will reimburse transaction charges levied on digital payments made by persons to the merchant as part of the merchant discount rate (MDR).
Mobile phone-based digital voucher meant for specific purpose payment
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