In support of Government’s demonetisation scheme and to offer ease and convenience to its merchants and customers, Axis Bank, India’s third largest private sector Bank today waived Merchant Discount Rate (MDR) transaction fees on debit card usage. The bank has waived the service charges on the use of debit cards at Axis Bank terminals (merchant acquiring) effective tonight up to December 31, 2016. Additionally, the bank has partnered with merchants to allow customers to withdraw cash at POS terminals. The bank will also leverage its contact-less technology at POS terminals for faster transactions.
Axis Bank is consistently educating the stakeholders to adopt to digital banking channels. The bank has enabled the local kirana stores, autorickshaws, vegetable & milk vendors and other small ticket size vendors to accept payment digitally through QR code. This digital initiative is offering convenience to the customers and facilitating small vendors to make cashless transactions.The bank has additionally deployed micro ATM facility for cash withdrawal across corporates, Police,Airports & Housing societies.