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Retailers to Boycott Express Payment System Due to CBRs Commission Fees


26.07.2019. : public
UrBC, Moscow, July 26, 2019. Businesses are not happy with the commission fees Russias Central Bank intends to charge for its express payment system transactions (0.2% to 0.7% of the transaction amount). This means large retail companies might refuse to join the Central Banks network, Vedomosti refers to the Retail Traders Association's (ACORT) and the Online Traders Association's (AKIT) letter to Head of Central Bank Elvira Nabiullina as stating.

Retail traders expect the express payment system (which allows retail customers to pay by scanning a QR code with their smartphone camera, among other things) to intensify the payment system market competition and bring the price of make non-cash payments down.

According to AKORT, shops are now paying 1% to 3% of the transaction amount to the bank that processes their credit card terminal payments. Certain customers, such as large-scale supermarket chains, pay under 1%.