Visa, Mastercard ask AMCU to agree interchange reduction to 1.2% from July-2021, to 0.9% from July-2023
The National Bank of Ukraine (NBU), Visa and Mastercard signed a memorandum on promoting a competitive payment market in Ukraine and submitted an application to the Antimonopoly Committee of Ukraine (AMCU) to obtain permission to gradually reduce the ceiling on domestic interbank commission rates (interchanging) to 0.9% by July 2023.
"The memorandum on a gradual market reduction in the level of interchanging commissions is designed to ensure the development of cashless payments in Ukraine, it complies with the principles of a market economy in the interests of all market participants. We hope for the AMCU's prompt consideration of the appeal and a positive decision, which will reduce interchanging commissions in Ukraine, starting from July this year," the press service of the NBU quoted Director General of Mastercard in Ukraine and Moldova Inga Andreyeva as saying.
According to the message, after receiving the appropriate permission from the AMCU, it is planned to reach the maximum size of the interchanging commission rates at the level of 0.9% by July 1, 2023, with a gradual decrease in these indicators to no more than 1.2% from July 1, 2021 and no more than to 1% - from July 1, 2022.
It is indicated that the memorandum was signed by Deputy Head of the NBU Board Oleksiy Shaban, Regional President of Visa in the region of Central Europe, the Middle East and Africa Andrew Torre and Senior Managing Adviser for Regulatory Affairs of Mastercard in Europe Christoph Baert.
The NBU stressed that the memorandum is open for joining other payment organizations of payment systems and market participants.