Apple Pay being promoted at a cash register at a Whole Foods store in New York on Oct. 20, 2014.
Banks will be forced to remove Ukrainians from services like Apple Pay and Google Pay if parliament passes a law to reduce transaction fees that businesses pay to banks, Razvan Munteanu, deputy chairman of the board of PrivatBank, said at a briefing on March 29.
If the government passes this law, the fee to use cashless payments will be lowered from around 2-3% to 1% of the payment amount. Its component, the interbank exchange fee, will be lowered from 1.4-1.8% to 0.5%.
