Traders with turnover above EUR 10,000 per year will have to accept payment by card

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The traders who recorded a turnover of at least EUR 10,000 per year will be required to install POS as of May 20, on the entry into force the cash back law, which allows them to disburse cash upon the request of the card holders customers.

“We want to reaffirm that there is no cost associated to the traders for the implementation of POS and for the cash-back service, as the costs are being borne by the acquiring banks. In order to make the implementation efficient and fast, MasterCard announces its readiness to provide derogation for these costs until the end of the year. The cash-back law will boost POS infrastructure development, especially in rural areas, and will gradually accelerate the communities training on the use of cards,” said Cosmin Vladimirescu, MasterCard Country Manager for Romania and Moldova.

The law adopted last week by the Chamber of Deputies regulates the mandatory introduction of card payments for traders with businesses of over EUR 10,000 per year, a threshold significantly lower as compared to the current level of EUR 100,000.

 

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