Privatbank threatens to shut down Apple Pay, Google Pay in Ukraine

Source : 112 Ukraine

The bank opposes the legal limits of the size of banking charges, which the Parliament considers now
15:55, 30 March 2021

Open source

PrivatBank stated it could disconnect Ukrainian users from Apple Pay and Google Pay in case of introduction of legal limits of the banking charges. Razvan Munteanu, the deputy head of Privatbank's board of directors reported that on March 30.

The introduction of non-market mechanism of regulation of interchange stakes and acquiring could lead to the halt of all payments with the use of Apple Pay and Google Pay.

Besides, POS-terminals with the turnover less than USD 1,170 per month will become unremunerative. Thus, 119,000 entrepreneurs risk losing these terminals, and they won't be able to accept cards of their clients.

Privatbank also counted that the state budget of Ukraine will be losing up to 124 million dollars per year, if the state regulation of acquiring mechanism is launched.

Moreover, in this case, the price of servicing of payment cards will grow, too. 

Related: PrivatBank case: Court allowed Yatsenko to get out on bail at $1.8 million

Recently, Privatbank slammed the draft laws registered in the Ukrainian Parliament; these offer to impose state regulation of charges of banking acquiring mechanism. The National Bank of Uraine supported this view. The MPs who developed the law insist it would help bring Ukrainian law in line with the EU legal framework and lead to positive changes, such as reduction of prices for goods and services.

Related: Ukraine puts Privatbank's ex-chair of board of directors on wanted list

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