To facilitate the demonitisation move, National Payments Corporation of India (NPCI) on Monday said it has waived the switching fee for all RuPay issuing and acquiring member banks for point of sales (PoS) and e-commerce transactions, till year-end.
The switching fee is waived effective November 11 till December 31, 2016, NPCI said in a statement in Mumbai on Monday. The charges were at Rs 0.60 to card issuing bank (issuer) and Rs 0.30 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.