Politics

Payment with Credit Card Waived Off for Surcharge, Service Charge and Convenience Fees in India

Payment with Credit Card Waived Off for Surcharge, Service Charge and Convenience Fees in India. Any digital payment is include for withdrawing such charges on consumers. This decision comes as a part of letting people to use more of card payment than cash payment in India. It means that Credit Card and Netbanking payment in India is going to be free now. No need to pay any extra money on your purchase.

ith an aim to discourage cash transactions, the Union Cabinet on Wednesday approved withdrawal of surcharge, service charge and convenience fee on card and digital payments. The promotion of payments through cards and digital means will be instrumental in reducing tax avoidance, migration of government payments and collections to cashless mode. Other features include introduction of formula-linked acceptance infrastructure by the stakeholders of certain card products, rationalization of telecom service charges for digital financial transactions and promotion of mobile banking. Creation of necessary assurance mechanisms for quick resolution of fraudulent transactions and reviewing the payments ecosystem in the country have been approved too.

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