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No Service tax on Debit Card or Credit Card Transactions Up to Rs 2000

service tax on credit-and-debit-cards

Good news for Credit Card and Debit card users. To make the country use cashless economy and boost digital transactions, Government of India today announced that it wouldn’t charge any service tax on credit or debit card transactions up to Rs 2,000.

Currently, we pay 15% as the tax on card transactions, and now you won’t pay service tax for up to Rs 2,000. The government is taking necessary steps over Cashless transactions, and the Government’s latest initiative of exemption of service tax on credit or debit card for up to Rs 2,000 is to boost the country for using digital operations.

The tax break for using cards come exactly a month after Prime Minister Narendra Modi announced the statement of demonetization of currency. He announced the ban of Rs 500 and 1000 notes on November 8.

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Yesterday, the Reserve Bank of India (RBI) clarified that already 11.5 lakh crores ($170 billion) had come to banks through depositing. Central Government is going to modify the June 2012 service tax notification and finance minister Arun Jaitley will submit the information to Parliament.

RBI Monetary Policy Committee had taken this initiative to reduce cash crunch. However, critics of the demonetization drive say this shows that the modification has failed at cracking down on black money.

The ban of the high-denomination notes set off a huge cash crux. The withdrawn bills formed 86 percent of the currency in circulation. The situation was worsened by a lack of new bills through the Government has relieved that conditions will improve by the end of the year. Cash in the banks disappeared within few hours of opening and remain packed with people desperate for currency.

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Yesterday, the RBI unexpectedly didn’t lower its key policy rate. India’s economy grew by an annual 7.3 percent between July and September. RBI on Wednesday proposed a new set of guidelines for those who are doing online transactions. From now onwards, transactions up to Rs 2,000 won’t allow OTP and also announced that it would take some time to take new Rs 500 notes in the market.

All You Need to Know About Contactless Credit Cards & Debit Cards

Contactless Credit Cards & Debit Cards

We are all are familiar with credit cards and debit cards. At present, we don’t have a situation to carry huge amount with us. So we are dependable on contactless payments.

After completing a massive shopping, we are just swiping our card to pay our shopping bill. We are paying many medical bills, and other shopping’s through this cards. Soon this trend may also exchange with plastic money.

But we can’t say how much safe this credit cards and debit cards. We are not aware of hackings which are processing in our cards. To eradicate these issues contactless credit cards and debit cards are introduced. ICICI is the first bank to introduce cards with this concept. SBI and Axis Bank are planning to introduce these cards. Within less time we can see contactless POS everywhere

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How this contactless credit cards and debit cards works

The customer no needs to swipe the card as regular cards and no need to enter your pin. This contactless card works by the simple positioning or tapping the card on POS machine. For these types of cards physical card insertion is not needed as normal cards

These contactless cards are furnished with small, radio chip which works on radio frequency identification (RFID) and it is based on near field communication service to establish a connection.

Contactless cards help to double the transaction speed as compared to traditional credit and debit cards. Users should not share their pin number, CVV number with anyone, by that you fraudulent transactions are reduced.

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Contactless cards are essentially based on NFC technology.  You also have the option to transfer your card details to your NFC-enabled Smartphone and use your Smartphone to make payments instead of the card.

We can’t completely say, no hackings will be done. They are many incidents of hacking; hackers can able to steal data from contactless cards by the use of simple mobile applications.

Martin Emms, a research associate at Newcastle University in England said “Contactless cards is great for usability, but it introduces security flaws that need to be fixed,”

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How to protect your card

While using your contactless card please keep your card within your sight. This is to ensure the third party NFC reader is not able to collect the details from the card. Experts’ advised users, to carry this card in a special wallet which can block NFC or radio waves. If possible place an aluminum foil over the card. Don’t keep hard materials inside the wallet which damages internal chip

Pay Bills without Internet Connection by Using Sound Based Technology

Digital Payments are Going to Have a New Technology Which is a Game Changer

A new technology developed with the assistance of sound waves. With this technology, Digital Payment can be made between the devices without the need of the internet connectivity and other communication tools like NFC.

It will enhance the scope of the digital payments more. Users can use the mobile application with the sound based payments technology just by placing your smartphone near to the merchant’s device.

Pay the Bills without Internet Connection with Digital Payment

Everyone has a doubt like “How are you going to pay with Sound?”

The user’s smartphone equipped with the application with the sound based payment technology, and they can make purchases at the store by placing the phone near to the merchant’s device.

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The app should link to your bank account or credit card account or even the digital wallets. The transactions is happened over the sound waves. Bangalore based ToneTag and the UltraCash have developed the sound based payments technology.

This platform functions independently or you can integrate with the platforms of the digital wallets. Earlier in this year, the Digital Wallet Paytm has announced that they were testing the sound waves based technology for payments.

How it works?

An algorithm is used for encoding the data into the sound waves and which can be transmitted for making the payments in offline.

They don’t need to get integrated on the both ends,the Buyer’s mobile as well as the merchant’s device or the card readers. No additional hardware is required in this payment process.

When the transaction is initiated then the device at the merchant will generate the sound containing the encrypted payment data. This data is received by the microphone on the buyer’s phone.

As you know,sound is a analog signal which means a continuous one. When the bill is generated at the merchant end, by entering the bill amount on his device, this algorithm converts the numbers (digital) into the analog format.

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During this process, the digital signals are done with the encryption.For any accidental changes to the raw data then error detection code is used to identify them.

The Analog information is transmitted through the device of the merchant with the sound signal to the buyer’s phone for receiving the bill. The customer’s phone cannot do the reverse steps which are mentioned above and decrypt the data, so the user can get the bill which is readable.

The buyer who is doing the transactions can make his payments through the digital wallet or debit or credit card.