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Which one of the following best describes the term “Merchant Discount Rate” sometimes seen news?
  • a)
    The incentive given by a bank to a merchant for accepting payments through debit cards pertaining to that bank.
  • b)
    The amount paid back by banks to their customers when they use debit cards for financial transactions for purchasing goods or services.
  • c)
    The charge to a merchant by a bank for accepting payments from his customers through the bank’s debit card.
  • d)
    The incentive given by the Government to merchants for promoting digital payments by their customers through Point of sale (PoS) machines and debit cards.
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
Which one of the following best describes the term “Merchant Dis...
Merchant Discount Rate is a fee charged from a merchant by a bank for accepting payments from customers through credit and debit cards in their establishments. It compensates the card issuing bank, the lender which puts the PoS terminal and payment gateways such as Mastercard or Visa for their services. MDR charges are usually shared in pre-agreed proportion between the bank and a merchant and is expressed in percentage of transaction amount.
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Which one of the following best describes the term “Merchant Dis...
"algorithm"?

A set of rules or instructions for solving a problem or completing a task.
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Which one of the following best describes the term “Merchant Discount Rate” sometimes seen news?a)The incentive given by a bank to a merchant for accepting payments through debit cards pertaining to that bank.b)The amount paid back by banks to their customers when they use debit cards for financial transactions for purchasing goods or services.c)The charge to a merchant by a bank for accepting payments from his customers through the bank’s debit card.d)The incentive given by the Government to merchants for promoting digital payments by their customers through Point of sale (PoS) machines and debit cards.Correct answer is option 'C'. Can you explain this answer?
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Which one of the following best describes the term “Merchant Discount Rate” sometimes seen news?a)The incentive given by a bank to a merchant for accepting payments through debit cards pertaining to that bank.b)The amount paid back by banks to their customers when they use debit cards for financial transactions for purchasing goods or services.c)The charge to a merchant by a bank for accepting payments from his customers through the bank’s debit card.d)The incentive given by the Government to merchants for promoting digital payments by their customers through Point of sale (PoS) machines and debit cards.Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Which one of the following best describes the term “Merchant Discount Rate” sometimes seen news?a)The incentive given by a bank to a merchant for accepting payments through debit cards pertaining to that bank.b)The amount paid back by banks to their customers when they use debit cards for financial transactions for purchasing goods or services.c)The charge to a merchant by a bank for accepting payments from his customers through the bank’s debit card.d)The incentive given by the Government to merchants for promoting digital payments by their customers through Point of sale (PoS) machines and debit cards.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which one of the following best describes the term “Merchant Discount Rate” sometimes seen news?a)The incentive given by a bank to a merchant for accepting payments through debit cards pertaining to that bank.b)The amount paid back by banks to their customers when they use debit cards for financial transactions for purchasing goods or services.c)The charge to a merchant by a bank for accepting payments from his customers through the bank’s debit card.d)The incentive given by the Government to merchants for promoting digital payments by their customers through Point of sale (PoS) machines and debit cards.Correct answer is option 'C'. Can you explain this answer?.
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