POS providers should lower transaction fees, says FinMin

Finance Minister Kostis Hatzidakis urged banks and terminal service providers to reduce fees for small-value transactions made via point-of-sale (POS) terminals, during a meeting with representatives from banks and payment service providers on Wednesday. 

Hatzidakis highlighted progress in linking POS terminals with business cash registers. He emphasized the government’s efforts, involving legislative actions and the formation of a task force, to enhance digital transactions and reduce transaction costs.

Deputy Minister Haris Theocharis stressed the role of cards and direct payment systems in combatting tax evasion, underscoring the need for reasonable transaction fees to encourage their use.

Providers agreed to explore fee reductions and expedite terminal distribution and system upgrades.