20:26, 30 April 2020 Page views 988 views

Banks cancel cash backs on online purchases because of Bank of Russia measures

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Russian banks began to cut loyalty programmes against the backdrop of the Bank of Russia’s regulation of acquiring fees.

Amid the pandemic and imposed quarantine, the Central Bank of the Russian Federation reduced the merchant fee for online stores to 1% (as compared to the market average of 1.2–2.2%), for the period from 15April to 30 September.

The new rate applies to the purchase of products, pharmaceuticals, clothing, consumer goods, as well as household appliances, electronics and communication devices. The reduced fees will allow merchants to offer home delivery of everyday goods and help people make online purchases without leaving their homes, the regulator said.

In the wake of the Bank of Russia’s decision, payment systems reduced to 0.7% the interchange fee.