Retailers asked to match the fee for accepting card payments in Russia. This will extend the discounts on the products. They now range from 1.5 to 3%, which is significantly higher than the global average, Izvestia reports.
The Federal Antimonopoly Service, the Central Bank and financial services market participants warned that citizens would suffer, as retailers would still not offer discounts to customers and banks would have to eliminate loyalty programs.
- The Central Bank received the right to regulate acquisition fees in 2019. In October 2021, online stores petitioned the regulator to reduce acquisition fees for prepaid purchases.
- Online stores already achieved a reduction in the Internet acquisition rate in 2020, when the Central Bank reduced commissions to 1% for all participants in the online commerce market.
- After August 31, 2022, the Bank of Russia lifted the restrictions on acquiring commissions at the level of 1%. During the period of restrictions, banks will lose tens of billions of rubles.
Author:
karina pardaeva
Source: RB
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