ENEW DELHI: The Reserve Bank of India has reduced transaction charges for payments made online through debit cards to a maximum of 1%, addressing a long-standing grouse of consumers and merchants who were paying almost double earlier.From July 1, transaction fee for online payments up to 2,000 made through debit cards has been slashed to 0.75% of the value of the goods or services bought. The charge can be a maximum of 1% for purchases above that value. Banks were earlier charging 1.8% of all online payments made using debit cards.
The move is expected to boost e-commerce in India, Asia's third-largest economy, where use of internet for purchase of goods and services is growing at 30-35% every year.
Edited By Cen Fox Post Team
