YEREVAN, March 4. /ARKA/. Technical issues and inaccuracies are possible during the initial implementation of the Central Bank of Armenia’s Board decision regarding fees for cashless card transactions, the Union of Banks of Armenia (UBA) stated.
By decision of the Board of the Central Bank, effective March 1 of this year, maximum commission limits for card transactions made through physical POS terminals have been established for businesses engaged in certain activities and with an annual sales turnover of up to 150 million drams: 0.5% for transactions with ARCA cards, and 0.9% for transactions with VISA and MasterCard cards issued by Armenian banks. “Banks have committed to making the necessary adjustments as soon as possible and returning overcharged amounts to businesses after March 1. Accordingly, we ask businesses that fall under the criteria of this decision to immediately contact the bank that services your POS terminal if any inaccuracies are discovered,” the UBA noted.
