openPR Logo
Press release

Indian Retail Industry Poised for Big Growth Post MDR Withdrawal

12-27-2017 02:07 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: JusTransact

Bhaskar Venkatraman, Director, Millennium India

Bhaskar Venkatraman, Director, Millennium India

Chennai, December 27, 2017: Come January 2018, retailers can rejoice as they don’t need to pay Merchant Discount Rate (MDR) charges to banks for every debit card payment they receive.

The government’s recent decision to abolish MDR for small and medium retail merchants over the digital transactions through debit card up to Rs 2000 has come as a welcome relief for thousands of retail businesses across the country as they were finding hard to pay banks from their pockets or charge extra from customers.

According to industry sources, the demand for Point Of Sale (POS) transaction machines from shop owners will go up sharply as the government’s decision to abolish MDR for two years from January 1, 2018 will encourage more to approach banks to install POS machines at their shops.

According to Reserve Bank of India, the government’s push to popularize cash-less transactions has borne results as the number of POS machines used by merchants has gone drastically up to 3 million from the paltry 0.8 million machines a year ago.

Some of the merchants, whom this writer had contacted, expressed hope that such move would encourage more traders to adopt cashless transaction to lessen their burden on handling cash.

“I did not want to have POS machine earlier as I had no intention to charge extra from my customers in the name of bank transaction charges. But now, since the government has announced to bear the MDR charges for transaction up to Rs 2000, I will approach my bank to install a card transaction machine. For transactions above Rs 2000, since the RBI has reduced the charges now, it will not have any impact on our business in switching over to cashless transaction,” says Sudhir Chandra, who owns a grocery store in George Town in Chennai.

Welcoming the government move, Mr Bhaskar Venkatraman, CEO and Director of Millennium Soft-tech India, a pioneer in introducing POS machines to Indian retailers says, “Withdrawing MDR is the right move to bring India closer to cashless economy. We expect huge demand for POS machines from retailers in the coming quarter as more merchants will accept card transaction at POS counters. Presently, the government has made debit card transaction free from MDR charges up to Rs 2000, which I feel should also be extended to credit cards to encourage more customers.”

As the average debit card transaction amount in India is below Rs 1500, accepting debit card will be almost equal to accepting cash for small retailers. But the government should take measures to prevent traders from misusing the subsidy, says Mohanraj, a customer at a famous retail chain in Chennai.

After demonetization and GST rollout, the government’s recent move to remove MDR charges for debit card transactions for two years is seen as the right step to encourage digital payments among customers and retail businesses.

About Millennium Soft-Tech India

Established in 2002, Millennium Soft-Tech (India) Pvt Ltd has been in the forefront of providing Point of Sale technology products and solutions to Indian businesses through astute marketing strategy supported by huge partners’ network across India.

Having associated with world’s leading POS brands, Millennium understands the growing demands of retailers better than anyone else irrespective of their size, stature and nature of business, and offers comprehensive, advanced and sustainable solutions to enhance their business.

Headquartered in Chennai and having branches all major cities in India, Millennium is credited with excellent logistics supports and capable of reaching products to the doorsteps of customers located in even remote areas.

As a leading nation-wide distribution company for multinational POS brands such as Epson, Posiflex, Casio, Toshiba and Honeywell, Millennium caters to some of the big super and hypermarket chains, kirana stores, textile showrooms, multiplexes, kiosks, restaurants, hospitals, and SMEs.

Millennium Soft-Tech India Private Limited,
G-19,2nd Floor, Block-16, 2nd Main Road
Ambattur Industrial Estate,Chennai-600 058.
Press Contact: K Ramanathan
email ID: ram(at)justransact (dot)com

This release was published on openPR.

Permanent link to this press release:

Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Indian Retail Industry Poised for Big Growth Post MDR Withdrawal here

News-ID: 876661 • Views: 334

More Releases from JusTransact

Millennium Soft-Tech launches all-in-one Android POS for Retailers
Chennai, July 21, 2018: Millennium Soft-Tech India, a pioneer in delivering innovative Point of Sale (POS) technology products and solutions to the fast-growing retail Industry in India, today launched an array of powerful Android billing solutions under MAGICBOX brand series for retail establishments who can now experience ease of doing business while achieving supreme customer engagement. Millennium offers four variants of MagicBox to retail businesses - MagicBox Mobile POS and desk
Cash or card! Global Retailers Linger on Paper Over Plastic
Retail businesses, irrespective of size, accept payments through multiple modes (cash, card, mobile, internet banking, wallet, etc) but still many of them prefer cash over card to avoid regulatory complexities and hence devoid customers of their shopping rights and experience. According to a survey by TD Bank recently, globally 70 per cent of SMEs prefer cash and cheques over card or online transactions. Though difficult to handle, cash still rules in
Indian Retailers Hope to have more Sops in Union Budget 2018
India’s fast growing Retail sector has been facing unprecedented situation ever since the government made two major initiatives - demonetization of higher order currencies and introduction of Goods and Services Tax. While the former was intended to promote digital transactions and make India a cash-free economy, the later was to introduce centralized tax regime, both had bearings on the retail sector. As impacts of varied degrees are still
High GST on POS will Discourage Digitalization Efforts: Millennium CEO
Ever since the government introduced the ‘historic’ Goods and Services Tax regime from July 2017, there have been announcements for revision of rates for several items by the GST council owing to pressure from public, traders and political spectrum. However, there are certain items which are still in the bracket of 18 per cent and 28 per cent, which, according to experts, will do no good for the government’s

All 5 Releases

More Releases for India

Medical Tour India | Affordable Treatment In India
We at MedCredible look after the well being of the patients seeking treatment in India. Our support staff support is well trained in handling various situations arising due to cross border differences. All the patients can avail of high-quality treatment at an extremely affordable cost in a compassionate environment combined with ethical practices. With options of over 100 + Hospitals and Institutions, we at Medcredible ensure that we connect the
01-17-2011 | Health & Medicine
IVF India, Test Tube baby India
The aim of setting up KJIVF is to help infertile couples in achieving conception through modern diagnostic and treatment methods. KJIVF Centre has given the best results by blessing infertile couples of advanced age with children, these couples could never dream of becoming parents. Thousands of babies are conceived through in-vitro fertilization (IVF) each year; In-Vitro Fertilization (IVF) means fertilization outside the body. A baby developed from an egg that
Beach Holiday India- Best Beaches in India
The natural beauty, exotic locations and rich heritage has helped India to stand as the most visited and most popular tourist spot in the world. The status of “Incredible India”, is defined by an incredible range of nature’s blessings on the Indian subcontinent and this incredibility is doubled by one of the most fabulous tourism option available in the country that are the brilliant and majestic beaches in India.
ISO 27001 India, 27001 training India ISO
Coral eSecure is information Risk Management advisory with specific focus on Information Security (ISO 27001, ISO 17799, PCI, COBIT, HIPAA, GLBA, and DPA), Business Continuity (BS25999) and ITIL/ IT Service Management (ISO 20000). Coral is the FIRST Indian consulting organization which provides an Integrated Management System Consulting, Consisting of ISO 27001, ISO 20000 and BS25999 – ALL THREE IN ONE! Coral provides Consulting, Assurance audit and Training to address these
Interior Designers India, Designers and Architects India
Today, we have recognized ourselves as a booming beauty interior designing firm, offering services that include interior designing. We are a winning firm, which is based on the strong foundation of innovative and original ideas for interior, architectural and landscaping designing services. Synergy Corporate Interior Design Association has more corporate members. Who provide Products and services. We support Interior Designers India, Designers and Architects India. We are committed to the
Domain Registration India, Web Hosting India, Payment Gateway India is a Quality Web Hosting Company India, provide all web related support and Web hosting services like linux web hosting, windows web hosting, web hosting packages, domain registration in india, Corporate email solution, business email hosting, payment gateway integration, SSL with supports like free php, cgi, asp, free msaccess, free cdonts, free webmail, web based control panel, unlimited ftp access, unlimited data transfer. During the domain registration process, you will