Tackling high card charges
The high fees for card transactions whether through POS or e-commerce are an international problem that has mobilized the relevant regulatory authorities.
In Greece, the Finance Ministry is in talks with banks, payment companies (Visa, Mastercard) and POS managers to reduce fees, in view of the implementation of the mandatory POS system. The problem of charges is acute in microtransactions and products with a small profit margin. Minister Kostis Hatzidakis argues that card transactions have soared, and so have the profits of card operators.
The ability of consumers to pay through IRIS, and its extension to physical points – i.e. its use at the POS terminal or the electronic point – is a matter of time for the banks, which one after another are gradually reducing the commission for the product in an effort to make it competitive against the cards.
The problem, which is expanding due to the spread of electronic transactions, also concerns the European Commission, for the additional reason that the global payment system is dominated by American companies, while most countries do not have a national payment system. That is why it is promoting the significantly cheaper direct payments as a measure to break the monopoly of cards.
