Shaparak Company, affiliated to the Central Bank of Iran and in charge of supervising the domestic payment network, is working on a new model for assessing and rating payment service providers (PSPs).
According to Kazem Dehqan, the company CEO, it is rethinking the existing system of rating PSPs. Two phases of the plan to develop the new model are finalized, the company's website quoted him as saying on Saturday.
"Unlike the existing system, wherein PSPs are ranked based on the total transactions and their collective value, the new approach incorporates a wider range of factors," he said, without providing details.
The new model is set to be used also for calculating transaction fees, the main source of income of the PSPs.
"We have reached an agreement with PSPs, as per which fees will be based on their compliance with regulations and the quality of services," Dehqan said.
"Payment service providers have an obligation to steer clear of illegal activities," he said.
Twelve authorized PSPs are active in Iran’s e-payment industry and the CBI is in charge of collecting transaction fees from banks which are given to PSPs through Shaparak. Fees are calculated on the number of transactions processed by the company.
A number of payment companies are reportedly sharing a part of their income with major acceptors, such as online shops. It has been seen that PSPs not indulging in unhealthy activities have been unable to expand.
Performance in Numbers
The last report by Shaparak, covering the performance of PSPs in the eighth month in the calendar year to Nov 22, shows Saman Electronic Payment (SEP) processed 20.45% of the total transactions.
It was followed Beh Pardkht Mellat accounting for 20.35 % of the total transactions. Parsian e-commerce company was next with 19% of all transactions.
In terms of value, Beh Pardakht Mellat topped the list accounting for 19.25% of the total transactions. Saman Electronic Payment was second with 18.24% followed by PECCO with 12.17% and Iran Kish Credit Card Company at 11.93%.
Saman had the biggest share of the volume of processed transactions through POS terminals and mobile gateways, 20.66% and 35.37%, respectively. SEP managed to improve its share from mobile payments by 2.29% during the month under review.
PECCO remained the leading PSP in terms of payment made via online gateways with 31.13%.
Shaparak Network said it processed 3.28 billion transactions in the month posting 18.9% growth year-on-year and 0.29% increase on the earlier month.
