State Bank has reduced merchant charges on debit and credit card purchases to encourage digital payments.
According to the spokesperson, State Bank has reduced the rate of interchange e-imbursement fee for credit cards to 0.7 percent and 0.2 percent for credit cards.
According to the details released by the State Bank, the State Bank has removed the merchant discount rate limit to encourage purchases through debit and credit cards. Merchants can now negotiate rates as low as 1.5 percent with banks.
It should be noted that the trend of purchases through credit cards has recorded a 32.9% annualized increase during February.
In February, consumers made purchases of 87 billion rupees through credit cards, which is 32.9 percent more than last year’s February, in February last year, consumers made purchases of 65 billion rupees through credit cards.
Compared to January, the number of purchases through credit cards in February has been recorded by 0.5 percent on a monthly basis. In January, consumers made purchases of 87 billion rupees through credit cards.