Turnover on payment cards in trade networks hit R358 billion in the year to July 1, 2007, at 6.9% of total transactions with banking cards. In the previous one-year period, the turnover topped R218b, at 6.3% of the total. Bankers cited illiterate users and the underdeveloped infrastructure in regions as factors hindering growth in operations with payment cards in trade networks. As before, most of the payment card users go to an automated teller machine just once a month to withdraw their monthly pay. The usage of cards in payments for goods and services is forecast to increase with a rise in the share of credit cards. To encourage the wider use of banking cards in trade networks, State Duma deputies recently proposed giving regions the right to oblige major trade companies to accept banking cards in payment for goods. In return, their profit tax rate could be reduced by 1.0%.
Source: WWW.KOMMERSANT.RU, October 1, 2007
