RBI Approves Interoperable Net Banking Payments for Merchants
The RBI has sanctioned the development of an interoperable net banking payment system by the NPCI in collaboration with Bharat BillPay Ltd (NBBL). This system aims to facilitate quicker settlements and direct payments for merchants, potentially reducing the Merchant Discount Rate (MDR). By allowing for direct dealings between accounts through a new platform, it seeks to streamline the payment process, thereby enhancing efficiency and reducing costs for merchants.
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