Business And Markets

Regulator to Rank PSPs

Regulator to Rank PSPs
Regulator to Rank PSPs

Shaparak, the company affiliated to the Central Bank of Iran and in charge of supervising Iran's payment network, is to rank payment service providers (PSPs), the company director said. 
"PSPs will be ranked based on their compliance with rules and regulations and the quality of their services," Kazem Dehqan was quoted as saying by Peivast Magazine. 
"Transaction fees will be calculated and distributed based on the companies' rank," the Dehqan said. 
Twelve authorized PSPs are active in Iran’s e-payment industry and the CBI is in charge of collecting transaction fees which are be given to PSPs later through Shaparak. Fees so far are paid based on the number of transactions processed by the company. 
Dehqan added that the regulatory body is revising operational regulations for payment service companies. "Regulations guiding the work of payment companies go back years and need to be upadated."
Data released by Shaparak indicate that the volume of PSP transactions increased 27% in the month to Feb.18 compared to the same month in 2020. 

Close to 2.93 billion transactions worth 5,091.31 trillion ($20.36 billion) were processed via Shaparak in the month, the highest in two years.
In terms of market share, POS devices topped the list with 75.9%. Internet payment gateways were next at 12.56% followed by mobile instruments logging 11.49%.
The last monthly performance report of Iran's e-payment network shows Beh Pardakht Mellat Company, affiliated to Bank Mellat, tops the list of payment service providers in terms of volume and value of transactions.

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