Economy, Domestic Economy, Business And Markets

POS Fee Decision Finalized

POS Fee Decision Finalized
POS Fee Decision Finalized

The transaction fees on POS terminal holders should be proportional to the transaction volume, an official at the High Coordination Council for State Banks suggested.

“All over the world, it is common for POS terminal holders to pay for using the device; however, in the case of Iran, in light of the prevailing realities, it may look a bit harsh,” said Abdolnaser Hemmati, the chairman of the council.

He dismissed the idea of equal fees on all, saying that “the fees should be proportional to the transaction volume.” He proposed a certain ceiling for transaction volume, above which the fees could be applied. Hemmati confirmed that the decision to impose fees is final; however, the method is under consideration.

Following the announcement of a decision by the central bank in September to charge POS terminal holders a 1,000-1,500 rial fee per transaction as of October 23, a wave of public objections from shopkeepers emerged. The critics argued that the fee for each transaction would be too high for the myriad everyday retail sales.

A week later, the administration reacted to the objections and called on the central bank to put the controversial decision on hold. An official in the Money and Credit Council informed Mehr news agency that the central bank has finalized its report on POS terminal fees and it will be discussed in the next sitting of the council.