The Management Board of the Central Bank of Azerbaijan (CBA) has approved the "interchange (service fee tariffs) upper limit applied among participants of payment systems."
Medianews.az reports, citing "Qafqazinfo," that the CBA chairman Taleh Kazimov has signed a decision on this matter.
According to the decision, within the country, for payments made with payment cards under the following MCC codes (the code assigned to the business entity's activity sector by the acquirer to classify the business entity's activity), the upper limit of the interchange applied among participants of the payment systems is as follows:
- For MCC codes belonging to the categories "Drug Stores and Pharmacies" and "Grocery Stores and Supermarket," 1.25% of the payment amount;
- For MCC codes belonging to the "Petrol" category, 0.75% of the payment amount;
- For MCC codes belonging to the "General" category, 1.5% of the payment amount.
- For other MCC codes, the upper limit of the interchange applied among participants of the payment systems for payments made with payment cards within the country is not determined.
The decision comes into force on June 1 of this year.
The Legal Support Department for Financial Markets of the CBA has been instructed to submit this decision to the Ministry of Justice for entry into the State Register of Legal Acts within three days.