The Banque du Liban (BDL) is seeking to encourage consumers to use card payments after the country's financial crisis pushed the economy heavily toward cash transactions. As part of the latest effort, BDL has cut the maximum fee charged to merchants on card payments from 2.5% to 1.25% in several essential sectors, including supermarkets and mini-markets, bakeries, gas stations, pharmacies and hospitals.  The measure applies to payments made using Visa or Mastercard credit and debit cards issued by banks or money-transfer companies. For a $100 purchase, the maximum fee deducted from the merchant will be $1.25.  The fee is paid by the merchant, not the customer.  The electronic payment fee for taxes collected by the Finance Ministry through the Electronic Tax Payment system has also been reduced to 0.9%.  Meanwhile, the Economy Ministry is monitoring merchants to ensure compliance with the measures.  Data shows that card payments are gaining momentum in Lebanon, with the number of card transactions increasing by about 130% during the first eight months of the year compared with the same period last year. The use of checks and bank-to-bank transfers has also increased.  Reducing the economy’s reliance on cash could help lower the risks of theft and financial manipulation while bringing more money into a clearer, safer, and more transparent financial system.  The shift could also help accelerate Lebanon's transition toward a more modern digital economy. (ICE BEIRUT)

Fonte notizia: http://lbcgroup.tv/news