Visa could implement by the end of this year a cheap ‘mVisa’ solution for applying Romania’s cash-back law, which introduces mandatory electronic payments to shops with sales higher than EUR 10,000 per year, says Cătălin Creţu, Visa’s general manager for Romania, Croatia, Slovenia & Malta.
“We want the mVisa solution to be implemented as soon as possible, and it is possible even by the end of 2018, but it depends on the willingness and the ability to implement this solution, given the many other regulations we have to implement,” Cretu told Agerpres.
The cash-back law was subject to criticism as it introduces additional costs to small shop-owners, because a POS costs about EUR 300.
“A bank cannot afford to bail out EUR 300 at a trader without incurring certain fixed costs. Visa has the solution to unlock this situation and what we want is to talk to the banks and with the payment industry in order to introduce a solution with negligible costs or even zero for the final trader,” Cretu explained.
The solution also works for smartphones.
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