Law empowers cashless payment for citizens

Commercial enterprises with annual revenue of more than 30 million rubles from March 1, 2021 will be required to accept national payment instrument card “the World”, and from July 1, this threshold will decrease to 20 million rubles. Appropriate changes to the law “On consumer rights protection” was approved today by the Council of the Federation.

The introduction of new requirements for commercial and service enterprises (TSP) will contribute to not only the penetration of cards, “Peace”, but the spread of cashless payments in General. Experience in the implementation of the legislation in 2017, when the mandatory appointment of a national payment instrument was introduced for companies with revenues of more than 40 million rubles a year, shows that almost all TFP I prefer to provide the all major credit cards.

“In recent years, there has been strong growth of card payments. Over the past five years, their share in retail turnover rose 2.5 times and is now over 66%. Citizens appreciate the convenience of cashless payments, and we believe that it is important to expand the card acceptance infrastructure, so that people did not have to worry whether the card shop at home”, — said the Director of the national payment system Department, Bank of Russia Alla Bakina.

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