The Minister of National Economy and Finance asked during today’s meeting with the representatives of banks and POS providers to immediately investigate the scope for reducing POS fees for small value transactions, as well as ways to further strengthen electronic transactions. Kostis Hatzidakis.

The meeting highlighted the progress that has been made in the big project of connecting POS with cash registers and at the same time discussed how all parties will contribute to its implementation within the schedules.

Kostis Hatzidakis emphasized that “the State is doing everything necessary for the interconnection project to be implemented. We have proceeded with 11 different legislative and regulatory procedures. We have set up a special working group with representatives of all the involved bodies that operates every day and deals with any issues that arise. We are opening within the next few days the 4th round of subsidizing part of the POS purchase and upgrade costs and we are securing funding for a 5th round as well.We are also asking the others involved in this project to exhaust every opportunity they have to get the POS interconnection completed but and digital transactions to be strengthened for the benefit of all. For example, banks and providers should consider the reduction of commissions when using POS for small value transactions,” he emphasized.

The responsible deputy minister, Haris Theocharis, noted that “the use of cards and direct payment systems is a valuable ally in the fight against tax evasion. In order to consolidate their use, it is important that daily transactions have reasonable charges. With this aim in a spirit of cooperation , we all work, state and market”.

Towards this direction:

Firstlythe POS providers – payment institutions or Banks that still operate as transaction clearinghouses – were asked to immediately investigate the scope for reducing fees for small value transactions but also ways to further strengthen electronic transactions.

Secondly, Both the banks that are still operating as POS providers and the Banks representing POS providers have been requested to move more quickly in timely supply of POS and channeling them to their customers, as in recent days there has been a delay due to a degree and in the mandatory expansion of POS installation in 35 retail branches.

Thirdly, POS providers were asked to accelerate both upgrades and interfaces of their systems with cash registers and provide further ways to better serve their audience.

Both the banks and the representatives of the providers agreed to examine the above and come back in the next few days.

Finally, in the context of the 4th round of financing to cover part of the purchase and POS interface costs, the coverage of additional digital solutions, such as e.g. electronic invoicing software that enables the simultaneous issuance of a receipt and an invoice. Software with the ability to interface and automatically send data to accounting offices collaborating with businesses will also be covered, ensuring automated communication between them.