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Bucharest
September 29, 2020
BUSINESS

MasterCard supports rapid implementation of cash-back law

+ Retailers with turnover of over EUR 10,000 per year will have to accept card payments

 

Cosmin Vladimirescu (photo), MasterCard Romania General Manager, emphasises in a communiqué that the adoption of the cash-back law will spur the development of POS infrastructure particularly in the rural areas, accelerating the gradual education of communities on the use of cards. Access to a limited cash amount through POS is a first step in this sense. MasterCard backed this draft law since the first discussions and salutes the fact that the law has been adopted and will be relevant for retailers with an annual turnover of over EUR 10,000 (many of them in rural or small urban areas).

In order for the implementation to be as efficient and rapid as possible, MasterCard announces its openness to offer a derogation from these costs by the end of the year. MasterCard will continue to encourage initiatives that concern the expansion of card acceptance infrastructure, a necessity of the local market, with positive impact on the economy as a whole. “We believe the cash-back law represents a natural step in this direction of fiscalising the economy, encouraging transparency, sustainable development and progress through the wide-scale use of electronic payments,” Cosmin Vladimirescu stated.

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