Ukrainian Oil & Gas Association Keeps Pushing for Lower Merchant Acquiring Rates.

Thursday, 5 Oct 2017

Ukrainian Oil & Gas Association Keeps Pushing for Lower Merchant Acquiring Rates.

Ukrainian Oil & Gas Association Keeps Pushing for Lower Merchant Acquiring Rates.

On October 5, representatives of various industry associations met with Sergei Kiral, People’s Deputy of the Verkhovna Rada and one of the authors of Draft Law No. 6573 (On payment systems and remittances in Ukraine as pertains to remuneration during acquiring), and reduction of the bank commission for retail card transactions was suggested.

Ukrainian Oil & Gas Association has provided comprehensive support to this initiative in view of the significant rise in acquiring fees at petrol retail stations and the need to reduce the financial burden for retail fuel trade. In this regard, the Association held several meetings with representatives of Visa and MasterCard international payment systems and asked for their assistance in resolving this issue.

The Association believes that the commission for card payments must correspond to the European rates. However, in the EU, petroleum products retail trade is a separate segment, for which the acquiring tariff is calculated individually.

“This Draft Law will provide significant support to the Ukrainian entrepreneurship, becoming a stimulus for small and medium-sized businesses development and thereby contributing to the fight against shadow market cash turnover,” the Association spokesperson was quoted as saying.

Representatives of other business associations also expressed confidence that cuts in the acquiring commission will increase the share of non-cash payments in Ukraine and promote unshadowing of the economy. At the moment, overstated banking commissions are hampering the steady development of payment infrastructure.

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