Tarabut Gateway comments on Visa, MasterCard Credit-Card f
Tarabut Gateway, MENA’s first and largest regulated Open Banking Platform has commented on Visa and MasterCard’s intentions to raise interchange fees across the globe for merchant businesses. Those increases were delayed during the pandemic and are now meant to kick off next month.
Abdulla Almoayed, CEO and founder of Tarabut Gateway said, “Processing fees for merchants have skyrocketed in recent years which is squeezing the bottom line of businesses and hardworking people. As companies get stung with increasingly high fees simply for doing business, it has also resulted in merchants charging customers extra and offering discounts for alternative payment methods.
Open Banking has the potential to provide exciting and innovative payment options. It allows businesses to accept payments for a fraction of the cost through direct and secure bank-to-bank transfers, bypassing expensive interchange fees through these networks. This is the future of payments and it’s possible for banks, businesses and customers across MENA right now. Open banking will also enable merchants to avoid long settlement periods and get instant access to funds.”
Tarabut Gateway offers the tools that allow for easier creation and distribution of personalised financial services by connecting a regional network of banks and fintechs through open banking APIs.
