Unpopular decision: experts called the probable reasons for the abolition of the Central Bank’s benefits for business acquiring

Regulation of fees for accepting cards, which banks charge from stores, hits individuals

More than three months ago, the Bank of Russia limited the maximum acquiring commission for companies that sell socially significant goods and services to 1%. The regime is valid from April 18 to August 31. Experts are convinced that the Central Bank will not extend this restriction. The measure did not justify itself: banks began to compensate for the shortfall in commission income, in particular, by reducing the attractiveness of loyalty programs and cashback.

At the time of setting the maximum size of the commission for acquiring, the Bank of Russia sought to provide a green corridor for business adaptation. This simultaneously performed several tasks, recalls Andrei Barkhota, an expert in the banking market.

“Firstly, a smooth transformation of customer loyalty programs,” says Barkhota. “Secondly, the implementation of counter-inflationary measures, in which the reduction of business costs was designed to give adequate price signals in the consumer market and, in fact, prevent price increases.”

The CBR regulation of acquiring commissions was positively received by business. At the same time, the acquiring banks themselves incur losses, which, if the “benefits” are extended, may become a burden for ordinary customers.

“Following the decision to introduce this limitation on acquiring commissions in March 2022, banks began to massively worsen loyalty programs and reduce cashback. That is, the banks simply shifted the incurred costs onto the shoulders of the consumer,” said Vadim Tikhonov, an analyst at Banki.ru.

He believes that it is precisely for this reason that the Central Bank will definitely not extend the specified restriction after August 31.

Recall that before the introduction of this restriction, according to the Central Bank, acquiring cost companies 1.2–2.2%, but some users paid more than 3% of each transaction.

Banking market expert Vasily Kutyin said that the preferential acquiring rate applies to trade enterprises that are engaged in the retail sale of food and food, consumer goods and consumer goods, fuel, medical products and medicines. Also, the maximum amount of the commission is limited for companies providing services in the field of communications, housing and communal services, medicine, education, culture, tourism, and passenger transportation.

“That is, this measure of business support,” continues Kutyin. “But it is obvious that banks will compensate for the shortfall in commission income, in particular, by reducing the attractiveness of loyalty programs: they, as a rule, are aimed at the same “socially significant” goods and services: food, fuel, communication services. Therefore, these falling commissions are largely simply passed on to the final consumer – a private client of the bank.

The unpopularity of the measure was also acknowledged by the Bank of Russia. The first deputy chairman of the Central Bank, Olga Skorobogatova, announced at the end of May that the regulator was not going to extend the commission limit on acquiring for a number of goods and services after August 31, because end consumers do not benefit from this measure. According to her, on September 1, banks will be able to return to the previous scheme of working with acquiring.

Andrei Barkhota, in turn, notes that, according to various estimates, 90-130 billion rubles were spent as part of the model for limiting the maximum size of the commission for acquiring from the pool of bank income. This, in turn, had a negative impact on the profitability of the banking sector, but at the same time helped trade and service enterprises to adapt to new conditions.

“Currently, there is no need to limit the maximum size of the commission for acquiring. The situation in the financial market has stabilized, the cost of borrowings for small and medium-sized businesses has approached the levels of the fourth quarter of 2017. Given the prevailing conditions, credit institutions are able to offer a whole range of benefits and preferences, while realizing market commissions for acquiring,” Barkhota concludes.