Payment systems

In the dynamic realm of iGaming, the traditional landscape of payment methods is undergoing a huge transformation. The antiquated visits to banks have evolved into e-wallets and infrequent occurrences. The once-venerable bank wire and cheques now seem relics of a bygone era.

Bulgaria has embarked on a digitization journey by replacing traditional paper food vouchers with a plastic card, akin to a bank card, initiating this transformative move at the start of the year. This transition will involve a grace period until July, allowing issuance of both paper and electronic vouchers.

The implementation of Point of Sale (POS) machines for credit and debit card transactions in farmer's markets will begin on Tuesday,  the Panhellenic Federation of Professional Sellers of Farmer's Markets announced Saturday.

This marks a new era for farmer's markets, obligating the universal use of POS machines to optimize service for both consumers and vendors. 

The Competition Commission late Thursday imposed fines totaling 41.7 million euros on five Greek banks, including four systemic ones, and the Hellenic Bank Association. The penalties were related to concerted practices in interbank systems, payment, and electronic transaction services.

The long-awaited decision of the Competition Commission for banks is expected to bring a reduction in the charges that are incurred when withdrawing cash from an ATM of a different bank to the client's.

Although the reductions will not be horizontal, it is estimated that they will bring about some relief in said charges, in the order of 25-30%.

The promise of self-checkout was alluring: Customers could avoid long lines by scanning and bagging their own items, workers could be freed of doing those monotonous tasks themselves and retailers could save on labor costs.

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.

Payments made with credit cards, debit cards and prepaid cards stood at 836 billion Turkish Liras ($28.9 billion) in October, rising 122 percent from a year ago, according to the data from the Interbank Card Center (BKM).

Vehicles for the control of the Executive Agency "Automotive Administration" are now equipped with POS terminal devices. They are connected to the Agency's electronic control system, in which the criminal decrees were also generated, reported the Ministry of Transport and Communications.

About 7.2 million euros was charged in the first half of 2023 to debit and credit card holders due to the 31% increase in fraud incidents which raised the amount "embezzled" from cards to €12.5 million (an increase of 29% compared to the second half of 2022).