3 Banks Apply for PSPs

Three commercial banks have sent applications to the Central Bank of Iran to start e-payment service providing companies. 
The Middle East Bank, Shahr Bank and Karafarin Bank have officially submitted their requests and Ayandeh Bank has purchased the shares of Damavand Electronic Card Company, already licensed by the CBI, Ebinews website reported Tuesday. 
Per CBI rules banks can establish PSP companies but must at least 51% of the shares of the proposed company. The minimum capital for starting a payment company is 10 trillion rials. Newcomers should have at least 500,000 active POS terminals. 
The CBI deputy for innovative technologies, Mehran Mahramain, said earlier that four banks had applied for the payment companies. His comments were in response to the decision by the Competition Council asking the CBI to redefine its regulations and end banks’ monopoly in the growing e-payment market.