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Razorpay, an online payments platform, announced today that it is waiving off all service charges on Debit Card transactions for all of its 10,000+ merchants, from 12 PM on Nov 24 till December 31, 2016. This move is aimed at helping businesses affected by demonetization and encourage users to transact online. While some banks are still deciding upon the waiver proposed by RBI, Razorpay has taken initiative and is the first payment gateway to remove all charges for debit cards. Debit cards are the most popular mode of online payments. In July 2016, a total of 25.94 million credit cards and 697.22 million debit cards were in operation, according to the Reserve Bank of India. In July 2016, total number of transactions through credit cards were 79.44 million while the figure for debit card...

India's largest public sector bank State Bank of India (SBI) and its subsidiary blocked 6.25 lakh customers debit cards after finding security breach in transactions at third-party ATM machines. The government led bank sent emails and SMS to customers, to alert them about blockage, and also asked them to re-apply for new cards at their respective branches. “About 0.25% of our cards have been blocked. We came to know that some of our customers have used SBI debit cards at Yes Bank ATM machines, the software of these ATM's were designed in Chinese company Hitachi payment services,” said SBI's security officer at the condition of no identity disclose. “In the past 3-4 days, we saw some unidentified and suspicious transactions at some ATMs and hence the cards were blocked immediately....

Tag: debit cards

Razorpay First Payment Gateway to Announce Zero Transaction Fees on Debit Cards

China Made ATM Machines and Software Affected 6 Lakh SBI Debit Cards