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Govt moots to relax two factor authentication for card payments among other suggestions

The department of economic affairs (DEA) has come out with a number of guidelines for increasing the adoption of digital payments. In a note circulated with industry body IAMAI, the DEA issued a number of short and medium term recommendations for increasing digital payments and their acceptance. In February, the ministry of finance removed surcharge and service tax on digital payments to boost adoption and also as a means to curb usage of cash. Here are some of the suggestions added in the note: Short term suggestions Promotion of card and digital payments in government - Government departments, organizations, central public sector undertakings and anchor networks shall take steps to: (a) withdraw convenience fee/service charge/surcharge on customers who prefer to make card/ digital payments for essential commodities, utility service providers, petrol pumps, gas agencies, railway tickets /IRCTC, tax department, museums, monuments etc. (b) take appropriate steps to bear MDR cost like other merchants; and (c) build acceptance infrastructure (POS/ Mobile POS terminals) for card/ digital payments at all collection centres. - The ministry of road transport shall facilitate the use of existing open-loop systems issued by a bank for multi-purpose use, including for making transit payments with a dedicated application. ( A huge positive) Measures for wider adoption - The department of financial services (DFS) and the RBI shall take steps to rationalize Merchant Discount Rate (MDR) on Card transactions and formulate a differentiated MDR framework for some key transaction segments, such as utility payments and railway ticketing by examining the matter holistically in consultation with the stakeholders. This was also part of the…

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