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Oil Firms And Banks Will Split Card Payment Charges

Oil Firms And Banks Will Split Card Payment Charges

Friday, January 13, 2017, 12:55 PM

Oil minister Dharmendra Pradhan, said that banks and oil marketing companies such as Indian Oil Corporation, will bear the cost of using credit and debit cards at petrol pumps, sparing consumers and fuel dealers. The cost of using credit and debit cards is called merchant discount rate. Merchant discount rate is around 1% of the transaction value.
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