Interchange fee

The high fees for card transactions whether through POS or e-commerce are an international problem that has mobilized the relevant regulatory authorities.

Some four in 10 people in Türkiye have more than one credit card, according to a survey conducted by Areda Piar.

Around 39.6 percent of respondents said they have two or three credit cards, while 7.6 percent stated they have four or more.

According to the survey, only 5.7 percent of consumers have one credit card.

The trend of rising fees that banks collect for various products and services continues. The next increase has been a fact since the beginning of August, mainly referring to the service in the branches. The explanation is that, in addition to inflation, the administrative costs of maintaining a branch network make services offered locally more expensive.

The annual report of Mastercard - Masterindex provides new information about the Bulgarians' perceptions of payment methods, banking services and the frequency of their use. A survey, which was conducted this year, shows that almost every Bulgarian in the country has a debit card (98%), while the percentage of credit card holders is 40.

The European Union has fined global credit card giant Mastercard 570 million euros ($647 million) for limiting competition between banks offering cheaper payment fees, reports AFP. 

A Focus Bari survey conducted for Mastercard found that card transactions soared by 50 percent in January, the first full month since the implementation of a law that only allows taxpayers who pay for their purchases with plastic to qualify for an income tax discount.

The fees that banks charge retailers for processing shoppers' payments would be capped under new rules voted by European Parliament on Thursday.

Measures to make online payments safer, reduce costs and give users more choice were adopted by a separate vote on the same day, an official press release on the EP website states.