You know it's sometimes very unsettling when some stores ask for cash payments. I get annoyed because I have gone cashless for so many years now. If someone tells me to make a cash payment, I find it difficult. I was irked by this once and straight up asked the vendor why he insisted on it. Thats when I got to know about interchange fee meaning. I am going to share it with you.
What is interchange fee and rate?Interchange fee definition would say, when a vendor or merchant accepts debit or credit card to carry out a transaction they have to pay a certain fee for authorization and processing. This fee is known as an interchange fee.
As far as I know, interchange fees are decided by the apex bank of the country, i.e, RBI. Recently, the RBI raised the interchange fee from Rs. 15 to Rs. 17 for financial transactions.
I hope now you are aware of what is interchange rate meaning and who decides it.
You must also know that for non-financial transactions, the interchange fee has gone to Rs. 6 from Rs. 5.
This concludes my answer to you question what is interchange fee meaning. I hope I was able to help you. Don’t forget to leave a like and next time when someone asks for cash payment, you’d know where they are coming from.
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What is interchange fee?
Yatin
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3 Year
2022-04-18T12:36:59+00:00 2022-04-18T14:34:35+00:00Comment
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