14:20 / 29.02.2020
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Banks plan to start charging commission from retail outlets
Photo: KUN.UZ

From the March 2, a 0.2% commission on turnover will be introduced for trade and service enterprises, the Central Bank of Uzbekistan announced.

“In accordance with international experience, in order to introduce banking services to market, it was decided, with the agreement of commercial banks and payment system operators, to charge 0.2% commission on the turnover in the entire terminal infrastructure,” the message says.

According to the regulator, it will, on the one hand, cover some part of the costs of payment infrastructure development, and on the other, will offer customers, who often use bank cards, various rewards, such as cash backs, which, in turn, will encourage non-cash payments.

The Central Bank notes that the international practice shows that when payments are made using bank cards, the commission should not be charged from the card owner, but rather from the market practitioners and services that accept payments.

“The charged fee allows the bank to reimburse the costs of servicing the payment infrastructure and paying the interbank commission. Currently, the size of bank commissions in foreign countries depends on payment products (whether it is debit card, credit cards, or online payments via the Internet), the type of activity of entities (government agencies, pharmacies, supermarkets, ticket offices, hotels, restaurants) and varies, usually ranging from 1 to 3%,” the Central Bank added.

In turn, the free service of the payment system does not meet international standards; it neither stimulates the development of the payment infrastructure and payment services, nor attracts investments in new payment products.

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