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Economy News / Baghdad
The Central Bank issued new instructions to adapt the conditions of all licensed banks to the requirements of the spread of POS devices.
The instructions included, according to a document seen by "Al-Iqtisad News", reducing the merchant's commission to be 1% fixed instead of 2% in favor of the collecting party for a period of two years, provided that it is re-examined after the return of the mentioned period or according to market requirements, and competition is in the quality of the service provided.
It also included that financial transactions (settlements) with merchants (points of sale) be through opening bank accounts in Iraqi dinar currency for merchants and issuing a prepaid card in dinar currency with a ceiling of 13 million dinars, and that the amounts available in them result from sales of goods, products or services exclusively and that they are For merchants or individuals of a commercial nature, such as (kiosks, shops, street vendors, etc.)
The bank stressed that banks should develop a support service for merchants who own points of sale devices and free phone numbers for the purpose of assisting and supporting them directly and continuously and analyzing the performance of merchants on an ongoing basis through loyalty points or prizes, for example.
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