Details added (first version posted on 10:52)
Baku, Azerbaijan, Nov. 24
By Azad Hasanli - Trend:
An interchange fee, which credit organizations involved in servicing of bank cards pay each other while making transactions, has been reduced in Azerbaijan to increase interest in non-cash settlements and turnover of non-cash settlements, the Central Bank of Azerbaijan (CBA) said in a message Nov. 24.
This decision was made on the basis of an agreement reached among the Azerbaijan Banks Association, processing centers and banks.
According to the message, new tariffs entered into force on November 20, 2017.
The tariffs for card products that are not related to the premium class (Visa Electron, Visa Classic and Maestro, Debit MasterCard Standard and MasterCard Standard) have been changed.
So, the fees related to mobile phones reduced by 26 percent up to 1 percent, supermarkets and grocery stores - by 61 percent up to 0.5 percent, pharmacies and medicines by 78 percent up to 0.3 percent, automated filling stations - by 78.5 percent up to 0.3 percent, e-commerce transactions - by 16 percent up to 1.3 percent.
The fees related to transport and public payments reduced to 0.1 percent.
Interchange fee is paid, for example, if the buyer paid for something in the shop by using a card. The seller's bank sends a request to the issuer of the card. The fee is paid for this transaction. That is, the credit organization servicing the shop takes a fee from it for acquiring and pays a part of that money to a bank that issued a debit or credit card.