32690
Banks to Pay Fees for POS Terminals
Economy, Business And Markets

Banks to Pay Fees for POS Terminals

Central Bank of Iran has obliged the banks to pay POS terminals’ transaction fees, scrapping an earlier proposal to charge businesses and terminal owners for POS transactions, CBI’s website reported on Tuesday.
The plan which took effect on Tuesday imposes commission fees up to 2,500 rials on the bank receiving the money which is transacted.  Earlier, the fee was paid by the bank that had issued the debit card.  
Collected revenues from the fees will be allocated to Payment Service Provider (PSP) -- companies that offer services for accepting e-payments -- to support their infrastructure development.
CBI data shows that more than 5.6 billion transactions were recorded during the first seven months ending October 22 with POS terminals accounting for 97% of the total.
Elaborating on the plan, Naser Hakimi, the CBI deputy for information technology, said imposing the fees on transactions is inevitable.
There are 4.37 million active POS terminals in the country and about 8.8 trillion rials ($295 million) is required annually to support the e-payment sector, according to CBI officials.
“E-payment sector currently has between 45,000 to 50,000 employees who are directly and indirectly working to improve the systems,” Mehr News Agency quoted CBI officials as saying.
The Central Bank of Iran had first proposed 1,000-1,200 rial fees on POS terminal owners which led to disputes among businesses and cardholders, temporality discouraging them from using the system.
The POS terminals are said to be a popular method of payment with online transactions coming in second.

Short URL : https://goo.gl/hRhdEo
  1. https://goo.gl/R4gdR5
  • https://goo.gl/pzV1es
  • https://goo.gl/giiDJ3
  • https://goo.gl/QMdbGg
  • https://goo.gl/VGbWSc

You can also read ...

Iran to Send More Flour to Iraq via Russia Wheat Deal
Iran is negotiating a wheat import deal with Russia that would...
Forex Rates Tumble
The Central Bank of Iran’s measures, namely to issue...
Gov’t Earned 150% More From Tax Than Oil Last Fiscal
The government earned 150% more from tax than from oil in the...
$660m Allocated to Modernize Irrigation Systems
The government has allocated 31.17 trillion rials ($660...
Iran’s currency had lost a quarter of its value in six months, sliding to a record low of 49,000 last week.
Governor of the Central Bank of Iran Valiollah Seif defended...
Lawmakers expressed concerns that the government is becoming increasingly dependent on raising money by issuing debt to cover widening budget deficits.
The government has issued over 300 trillion rials ($6.4...
24 New Foreign Traders in Iran’s Capital Market
The Central Securities Depository of Iran issued 24 trading...
Mineral Water Exports Hit $25m
More than 21,000 tons of mineral water worth $25 million were...

Trending

Googleplus