India’s largest payment card network Visa has slashed down charges levied on debit card transactions, reported The Economic Times.

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Visa in a release said that it would cut rates on debit card transactions by up to 95%, ET reported on Friday.

According to the report, this will aid the growth of digital payments in the country by bringing small scale merchants and more customers in to the sector.

“Visa has revised its data processing fees to encourage everyday digital payment usage across consumer and merchant categories … this will not only help drive the adoption of debit card payments among consumers but also assist client initiatives towards expanding digital payment infrastructure in support of the Digital India programme,” a company spokesperson was quoted saying in the report.

Visa has more than 40% market share in India in terms of the number of card transactions.

The move is also seen as a strategy by the firm to take on the rivals. The firm is facing increasing competition from homegrown card payment scheme RuPay that offers cheaper rates, said the report.

First Published:Jun 15, 2018 1:37 PM IST