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Eng
02 April 2021

Joint statement by Oschadbank, PrivatBank and Raiffeisen Bank Aval

As the Ukrainian parliament is considering the proposals on the bills, providing for the administrative restrictions of the acquiring commission fee for the merchants and the amount of interbank commission fee (interchange), the largest banks of Ukraine operating in acquiring area, in particular, Oschadbank, PrivatBank and Raiffeisen Bank Aval apply to the Ukrainian parliament, Cabinet of Ministers, the National Bank of Ukraine, banking and financial institutions, retail trade entities, with the following statement on the settlement of the commission fee issue.

On the restriction of interchange fee in Ukraine with regard to consumer payment products 

The largest banks of Ukraine operating in acquiring business confirm that they are ready to make their best efforts for the reduction of interchange fee in Ukraine. In this context, taking into consideration the requirements of the applicable law of Ukraine on protection of economic competition, in order to reduce the interchange fee in Ukraine, the market entities are considering a possibility to apply to the Antimonopoly Committee of Ukraine with a request for an expert opinion* on possible actions for the reduction of interchange fee in Ukraine based on the following schedule:

Effective from 

01.07.2021
01.07.2022
01.07.2023
Interchange fee in Ukraine, with regard to consumer payment products, no more than (<=)

1.20%

1.00%

0.90%

On the amount of the acquiring commission fee

Market participants will continue to make efforts aimed at the increase of the efficiency of merchant acquiring services and decrease of the price of the respective services for the merchants. At the same time, we would like to emphasize the importance of preserving the free market pricing in terms of the acquiring commission fee in Ukraine based on the principles of free competition and inadmissibility of regulation of such fee on the legislative level according to the best world practices. Therefore, we offer to withdraw the proposals on the respective bills, which imply the setting of the limit on the respective fee for the market participants.

On promotion of cashless payments 

With a view to increase the efficiency and convenience of the payment services for ultimate consumers, decrease of the respective services price and increase of the share of cashless settlements, we also hope for the support of the Ukrainian Government and other stakeholders, particularly with the execution of the following steps:

  1. Implementing the regulation of all cashless payments between the companies/state/state bodies on the one hand and citizens of Ukraine on the other hand.
  2. Cancellation of requirements regarding the free of charge servicing of salary accounts.
  3. Lifting of the set restrictions regarding the cash settlements in the trading network.

We are convinced that the above listed measures are the best alternative for administrative regulation of prices and comply with the fundamental principles of free market economy and fair competition.

Opinion on qualifying the actions aimed at reduction of the interchange fee as not bearing the signs of violations of the applicable law on protection of economic competition. At the same time, if the Antimonopoly Committee of Ukraine provides an opposite opinion, market participants may approve a decision to apply for a permission to such actions to the Antimonopoly Committee of Ukraine (if necessary, the Cabinet of Ministers of Ukraine).