One of the most popular payment systems in the world, MasterCard and Visa, intend to increase commissions meeting. It is known when innovations can work.
When MasterCard and Visa will raise fees
As journalists of the agency note, every year MasterCard and Visa serve billions of customers, earning serious profits. In particular, income depends on the commissions charged during the relevant transactions.
Bloomberg, citing sources, reports that the operators of these payment systems are planning to raise commissions charged when customers pay with bank cards (in stores, restaurants, various services, etc.).
So far, it is known that the new rates for the MasterCard payment system will start in October 2023, but it is not known how exactly the fees will increase. Visa wants to introduce higher card fees in October, however, in April 2024 the changes will affect credit and debit cards. How much the commission can increase when paying by card is kept a secret. The combined income of companies can increase by half a billion dollars.
Key revenues from established commission fees are directly collected by the bank that issues cards based on the Visa and MasterCard payment systems. Although the size of the commission is small, recently clients have been paying more. This is due to the fact that many of them use credit cards that have a higher commission.
What else is worth knowing?
As a reminder, clients of the state financial institution “PrivatBank” can once again buy cashless currency through the Privat24 application. The bank reminded about the limits, established by the National Bank of Ukraine (NBU).
We also wrote that in August 2023, the National Bank changed the requirements for bank card top-up operations through software and technical self-service complexes (PTCS), strengthening checks. However later made some corrections.