Kazakhstan Vice-Premier Opposes Capping Acquiring Fees for Small Stores

Kazakhstan's Vice-Premier and Minister of National Economy, Serik Zhumangarin, has spoken out against a proposal to cap acquiring fees at 0.5% for small 'corner' stores. He believes such a cap could stifle market competition, reduce banks' incentives to develop payment infrastructure, and shift costs to other services. The National Bank and commercial banks will continue to enhance mobile payment systems for small businesses.

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