Under the scheme, details of name and address of a walk-in customer alongwith the beneficiary’s name, account number and the IFSC code of the beneficiary’s branch are captured on a mag-stripe card. The cardholder can swipe the card at a branch/ATM/kiosk of the bank and remit money to an account holder of any other branch of the bank.
This mechanism helps in avoiding repetitive filling up of forms by a walk-in customer & lowering the operational risk involving transactions based on inaccurate data in a cost effective manner. Rationalisation of Merchant Discount Rate (MDR) for debit cards Debit cards in India far outnumber the number of credit cards in India.