Memorandum signed between the National Bank, Visa and Mastercard fixes a decrease in interchanging rates. This can lead to a significant reduction in the size of the cashback for clients of commercial banks.. It is reported by "

Each non-cash payment for a product or service is accompanied by a transaction fee of 1.8-3%. The amount depends on the bank and payment system (Visa and Mastercard).

The maximum commission is 3%. It should be borne in mind that the commission is divided into three components. One of them is interchanging, or a percentage of the value of the goods that the card issuing bank will receive for the calculation..

From July 1 of this year, it should have been limited to 1.2%, from July 2022 - 1%, and a year later - 0.9%. This is exactly what the National Bank, Visa and Mastercard agreed on and concluded a memorandum in May.

This did not happen because the Antimonopoly Committee still has not agreed on the memorandum.. The reason for the delay was that the AMCU only opened a case on July 19.. And although there is no official decision of the committee yet, market participants are convinced of the agreement of the memorandum.

Therefore, banks are already preparing to limit cashback.. There is also an unlikely scenario - cashback will remain at the same level, but banks will begin to receive less profit..

In particular, with a decrease in the size of the commission, Alfa-Bank will have to abandon loyalty programs, and PrivatBank will have to revise its conditions.. One of the major market players said that if the memorandum enters into force, the interest returned by banks to customers under cashback programs will be halved..

“The decline will occur. The only thing needed is to get the final numbers..

Each bank will make a decision for itself, it is ready to completely abandon the interchain income, give it to the client, or other income from card users will also have to be financed from the loyalty program, ”says Ivan Stepanets, Head of Sales and Digital Marketing at Idea Bank.

[see_also].

Mastercard will stop issuing magnetic stripe cards: will switch to more reliable [/ see_also].

Earlier it was reported that the National Bank simplified the procedure for submitting an annual audit report by banks along with the corresponding financial statements. At the same time, the regulator canceled the mandatory requirement for their submission in paper bound form..