Memorandum between the National Bank of Ukraine (NBU) and international payment systems on the gradual reduction of the commission, interchanging does not take into account the interests of retailers and will not ensure a reduction in the cost of trade acquiring, the Retail Association of Ukraine said in a statement.

According to it, the interchanging commission rates established by the memorandum significantly exceed those previously proposed by retailers: no more than 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 1% from July 1, 2022.

At the same time, representatives of Ukrainian retail proposed to legislatively establish the following limits for the interchange commission: from 0.2% to 0.3% from July 1, 2024, with a decrease in the indicator to no more than 0.5% from July 1, 2023, to 0.75% from 1 July 2022 and up to 1% from 1 July 2021.

The association said the proposed indicators comply with the current legislation of the European Union, while the rates fixed by the memorandum are three times higher.

"The signed memorandum does not take into account the interests of retail, contradicts EU regulation 2015/751, is not aimed at establishing a fair size of the interbank commission and shifts the focus from legislative restrictions to agreements that may not be implemented by financial institutions in the future," the association said.