PrivatBank to keep reduced acquirer fee till end of year
PrivatBank to keep reduced acquirer fee till end of year (Photo:ПриватБанк / Facebook)
Ukraine’s state-owned PrivatBank has decided to keep the acquirer fee for card payments at 1.3% until the end of 2022, the bank said in a statement on their website on Nov. 29
That’s despite the hike in interchange rates for international card payments to 1% on Dec. 1.
PrivatBank's member of the board for small and medium-sized business, Yevhen Zaihraev, called MasterCard and Visa on to cancel the increase in the interchange rate from Dec. 1 because it forces banks to raise their tariffs.
At the beginning of the Russian full-scale invasion of Ukraine MasterCard and Visa payment systems reduced interchange fees for all transactions in Ukraine to zero.
In November 2021 Visa and MasterCard reduced Ukraine’s domestic interbank interchange fee to 1.2%.
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