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UPSC Prelims GS - 2018
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Section-1
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Question 6
MEDIUM
Correct: +2
Incorrect: -2
Which one of the following best describes the term "Merchant Discount Rate" sometimes seen in 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 purchaing goods or services.
c
The charge to a merchant by a bank for accepting payments from his customers through the bank's debit cards.
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.