Payment systems

More than 340,000 connections of cash registers to points of sale (POS) are pending for the new way of issuing receipts to start without problems, when payment is made with plastic money.

More than 5,000 applications for vouchers to cover the cost of cash register-integrated POS terminals were received on Monday, according to an announcement released on Tuesday by the National Economy and Finance Ministry and the Digital Governance Ministry.

Retailer organizations have voiced concern that their businesses would be hugely affected if some harsh measures are introduced to curb credit card spending.

Finance Minister Kostis Hatzidakis urged banks and terminal service providers to reduce fees for small-value transactions made via point-of-sale (POS) terminals, during a meeting with representatives from banks and payment service providers on Wednesday. 

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Fines of up to 300,000 euros and the recall of cash register models are among the penalties planned for those who are involved in the process of connecting cash registers with POS and are late, according to an amendment the Finance Ministry submitted to Parliament.

The Economy and Finance Ministry on Thursday submitted a provision to parliament which aims to increase fines and impose sanctions against business that have yet to install POS terminals linked to cash registers.

The plan also foresees fines for providers of POS terminals and cash registries who do not comply with the law.

The value of transactions with plastic money reached 62 billion euros in 2023, recording an increase of 15% compared to 2022, a rate that is expected to be maintained this year with a marginal slowdown, according to estimates by Mastercard, assessing the positive macroeconomic environment and, in particular, the universal mandatory introduction of point of sale devices (POS) in 35 new professio

The European Parliament has given the green light to new regulations that promise to revolutionize money transfers across the EU. MEPs voted in favor of rules ensuring that funds transferred between bank accounts arrive swiftly, with the added assurance of robust fraud detection measures.

E-wallets are increasingly popular in the online gambling industry and beyond, and PayPal is among the leading payment providers in 2024. It's fast, convenient, and secure, so it's not surprising casino players choose it as their preferred deposit and withdrawal method. This digital wallet is accepted on numerous gaming platforms, providing members with top conditions and generous promotions.