UPSC Essentials | Daily subject-wise quiz : Economy MCQs on merchant discount rate, Mission Vatsalya and more (Week 175)
Statement 1 is correct: The merchant discount rate (MDR) is a fee that businesses accept when processing card payments, compensating payment processors for the services they provide. Statement 2 is correct: MDR fees usually range from 1% to 3%, covering the costs associated with payment processing and interchange fees to banks. Statement 3 is incorrect: The MDR has never been implemented in India since 2017; it was never imposed on UPI payments, which have remained free of charge since their inception. Therefore, the correct conclusion is option (b): Two statements are correct, including statement 1.
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