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All Stores in Russia may be Obliged to Accept Bank Cards
17.02.2019 01:41
All Stores in Russia may be Obliged to Accept Bank Cards

The bill obliging all stores in Russia to accept bank cards for payment is under discussion in the government - if approved, it can be passed this year. Now only stores with the turnover over 40 million rubles a year or more have to accept cards; this threshold will be reduced gradually.

      From next year this figure will gradually decrease: first to 20 million rubles of turnover per year, then to 10, to 5 million, and finally to zero That is, all trade and service enterprises will be required to provide an opportunity for the customer to pay for a product or service with a bank card.

      High acquiring commissions is still a problem in Russia,  due to the monopolization of the market. Now the average commission for acquiring is about 3% of turnover, which is very high compared to European standards.




Author: Anna Dorozhkina

Tags: Russian retail Russian business    

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