Kostis Hatzidakis requests the reduction of POS commissions


-Meeting with representatives of banks and POS providers
A working session between the Minister of National Economy and Finance, Costis Hatzidakis, the responsible Deputy Minister Harris Theocharis and representatives of banks and POS payment service providers was held today.

The meeting highlighted the progress that has been made in the major project of interconnecting POS with cash registers and discussed how all sides will contribute to its implementation within the timeframe.

Kostis Hatzidakis stressed that “the State is doing everything necessary for the interconnection project to be implemented. We have gone through 11 different legislative and regulatory procedures. We set up a special working group with representatives of all stakeholders that operates on a daily basis and deals with any issues that arise. We are opening in the next few days the 4th cycle of subsidies for part of the costs of purchasing and upgrading POS and we are securing funding for a 5th cycle. We ask the others involved in this project to exhaust every possibility they have in order to complete the interconnection of POS and to enhance digital transactions for the benefit of all. For example, banks and providers should consider reducing commissions when using POS for low value transactions,” he said.

Deputy Minister of State Harris Theocharis noted that “the use of cards and direct payment systems is a valuable ally in the fight against tax evasion. In order to consolidate their use it is important that everyday transactions have reasonable charges. To this end, in a spirit of cooperation, we are all working together, state and market”.

In this direction:

First, POS providers – payment institutions or Banks still acting as clearing houses – were asked to immediately explore the scope for reducing fees for low-value transactions and ways to further enhance electronic transactions.

Second, both banks that still operate as POS providers and banks representing POS providers were asked to move more quickly in the timely supply of POS and their channeling to their customers as there has been a delay in recent days due in part to the mandatory extension of POS installation to 35 retail sectors.

Third, POS providers were asked to accelerate both upgrades and interfaces of their systems with cash registers and to provide further ways to better serve their audiences.

Both banks and provider representatives agreed to look into these issues and get back to them in the coming days.

Finally, under the 4th round of funding to cover part of the costs of POS purchase and interconnection, additional digital solutions such as e-invoicing software enabling simultaneous receipt and invoice issuance are to be included. It will also cover software with the possibility of interfacing and automatically sending data to the accounting offices cooperating with the companies, ensuring automated communication between them.


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