A strong and profitable banking sector is important for the economy. At the same time, it is equally important that credit, POS and acquiring services are provided on more accessible terms to businesses in the real economy that operate on low profit margins.

The retail sector is one of the areas where this transformation is most directly experienced by citizens. The fact that cashless turnover across our member networks is approaching 70 per cent creates significant opportunities for testing and scaling local FinTech and payment solutions.

The Retail Networks Development Union believes that a safe food chain is built through a responsible approach, transparency, proper storage and transportation, and the consistent application of sales standards at every stage — from producer to final consumer.

While this approach is highly important for the digitalisation of the economy and improving access to financial services, the existing POS commission structure makes it necessary to take the economic dimension of the process into account. In particular, the growth of cashless payments creates additional operating costs for the retail sector, which operates on low profit margins.