Bellerage Alinga

“MIR” is coming to merchants

“MIR” is coming to merchants

State Duma has enforced amendments to legislation that will oblige all merchants with annual revenue over 40 mln RUB to accept “MIR” payment cards from October 1, 2017. Until now, only merchants with revenue over 120 mln RUB were obliged to accept payment cards apart from cash.

Experts estimate the amount of merchants influenced by this amendment to be around 200 thousand. Some of them already accept cards to satisfy their customers` needs, but at least half of them do not. Primarily, this is due to the high cost of bank acquiring for small enterprises. Maintenance cost for non-cash turnover stands between 0.5% and 1.6%. “Mir” tariff rates are lower – from 0.3% to 1.2%, but still expensive for small merchants. Experts reckon that fair cost of maintenance is not higher than 0.5 % of the payment.