Reliance jio makes foray into fintech, enters pos business
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Reliance Jio is enlisting retailers by offering their PoS machines against a deposit of Rs 3,000. The carrot being extended to the merchants is a waiver of the transaction fee up to
individual transactions not exceeding Rs 2,000. This fee, called Merchant Discount Rate, is the fee that financial institutions charge from the merchants for handling the transactions. The
payments swiped through the day are credited each day into the account of the merchant by 12 midnight that day itself.