Mumbai: The National Payments Corporation of India (NPCI) on Monday said it has waived till year-end the switching fee for all RuPay issuing and acquiring member banks for point of sales (PoS) and e-commerce transactions.
The switching fee is waived effective 11 November till 31 December 2016, NPCI said in a statement here on Monday. The charges were at Rs0.60 to card issuing bank (issuer) and Rs0.30 to card accepting bank (acquirer) for PoS and e-commerce transactions.
“The objective is to support banks in the activation of existing RuPay cards, issuance of new cards to un-carded customers and to widen the acceptance points,” NPCI managing director and CEO A P Hota said.
The country has about 14 lakh PoS terminals and the acceptance points are growing. With right push, 755 million debit cards customers can generate about 50 million card transactions a day from the current level of hardly 5 million transactions, NPCI said.