Petrol Pumps Do Not Accept Credit, Debit Cards: From tomorrow, i.e., 9th Jan, Petrol pumps will not accept credit, debit cards. Many people used to have cards in their hands to fill up their vehicle but starting tomorrow, Cards will not be accepted in petrol pumps. This came as a result of banks levying a 1 percent charge on every sale. So this has been a great issue and petrol pumps came to this decision.
Petrol Pumps Do not Accept Credit, Debit Cards:
“In view of the debit of the Merchant Discount Rate (MDR) of 1 per cent petrol pumps have decided to stop accepting payment through credit and debit cards from January 9, 2017,” says, All India Petroleum Dealers Association, president Ajay Bansal in a statement today. The banks came forward and took the advantage of cashless market with digital transactions growing up.
He also added that, “Our margins are fixed on a per KL basis and do not have any scope to absorb these charges. We have specific mechanisms to compute the margin and these do not have any scope for credit card MDR. This will lead to financial loses for the dealers. To compound maters further these credit card machine issuers are delaying settlements and not settling the entire dues as per our settlements.”
“There are disputes about purchases being returned or not delivered. In a Retail Outlet there is no scope for returns or not being delivered a product once you have paid for the same. The reconciliation of swipes to amount being credit to our accounts is causing a lot of hardships and losses to a large percentage of the dealer community.”
Ravi Shinde, president of Mumbai Petrol Dealers Association said in a statement that, “Most of the petrol pumps are using HDFC’s POS Machines.” After demonetisation, many petrol pumps have POS machines available for the users to facilitate them with the swiping machine. But this decision came as a bane for all the vehicle holders and as well as the bank association which wanted to take advantage of the situation.
The point of sale machines played a crucial role where the market is all with the cashless and even the digital e-wallet transactions. Everyone in the market are taking advantage of normal people and want to make themselves rich. Lets see what happens after this decision.
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