MINSK, 28 February (BelTA) – The National Bank of the Republic of Belarus (NBRB) has suggested that the Ministry of Taxes and Duties should increase the list of facilities where credit card terminals are mandatory, Lyudmila Stefanovich, Head of the Bank Cards and Digital Money Office of the National Bank, said at a press conference Innovations in Bank Services organized by Priorbank on 27 February, BelTA has learnt.

“We have the resolution and the list of facilities that must install credit card terminals. This list should be expanded and we suggested covering virtually all the facilities,” Lyudmila Stefanovich noted. Credit card terminals are recommended to be installed in taxis, recreation facilities, fitness centers, companies providing event services, car repair shops, recuperation and rehabilitation facilities, health farms and rural tourism estates. “Customers should have a choice – to pay cash or plastic,” Lyudmila Stefanovich is convinced. She noted that mobile terminals are already available in Belarus and they cost much less than immobile cash registers. This solution is perfect for taxes, self-employed businessmen trading on the market, and delivery persons of online stores.

As of 1 January 2014, there were 81,500 credit card terminals in Belarus, including 73,600 terminals in retail and service outlets (up by 29.6%). The number of cash registers that were registered by merchants at tax agencies was 240,000, three times as many compared to credit card terminals. The number of bank cards issued in 2013 was 1.4 million. The total number of bank cards in circulation reached 11.8 million by 1 January 2014. Non-cash payments in the retail sector and services sector accounted for 16% of all payments in 2013 vs. 9.5% in 2012. The target is to increase the share of non-cash payments up to 50% by 2016. Cashless transactions made in 2013 are estimated at Br238.3 trillion.

Priorbank noted that the increase in non-cash payments generates a good economic effect. Many international experts pay attention to the use of cash/bank cards while analyzing a country’s economic development: the bigger the ratio of cash transactions is, the lower the rating. For comparison: cash transactions account for the average of 10% of all transactions in the European Union. Sweden tops the ranking of non-cash nations. By the way, Sweden was the first to introduce paper money. Now this country is ready to stop using cash. According to the Bank for International Settlements, cash transactions accounted for merely 3% of all transactions in Sweden in 2013.

“Government agencies and banks are working hard to promote non-cash payments. Priorbank upholds this program. At the same time we understand that computers, smartphones and tablets are making significant inroads into our life,” a representative of Priorbank said. Priorbank was the first in Belarus to launch fully-featured Internet banking for individuals, as well as Android and iOS-based applications for mobile phones. Some 3,000 to 4,000 people sign up to the Internet banking service every month. The most popular electronic services among Priorbank customers are Internet banking and mobile applications. They are followed by USSD banking and SMS banking.