Piraeus Bank suspended cooperation with the international payment system MasterCard

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Piraeus Bank suspended cooperation with the international payment system MasterCard

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Piraeus Bank suspended cooperation with the international payment system MasterCard

29 December 2015

Dear Clients,

We inform you that Piraeus Bank suspended cooperation with the international payment system MasterCard. Starting from December 29 this year cards authorization, as well as ability to withdraw cash at ATMs and cash desks of Piraeus Bank branches will be stopped. At the same time Visa Int. payment cards service remains unchanged.

According to Katerina Vinnitskaya, deputy director of retail banking department: “The decision to suspended cooperation with the international payment system MasterCard was made in the framework of the bank's strategy to assess the profitability of various business lines. Piraeus Bank, as a principal member of the MC had not issued cards and provided only services for cash withdrawal from Master Cards in branches’ cash desks and ATMs. Due to a optimized network of branches and ATMs, as well as the sharp hryvnia devaluation the profitability of such operations has decreased. In other words, the interchange commission, received by the bank for these operations, does not cover payment system commission and processing. The Bank's strategy requires refusal of the loss-making activities”.

Piraeus Bank remains a member of the ATM network “Atmosphere”, that has more than 1 800 ATMs throughout Ukraine. All Piraeus Bank customers, holders of Visa Int. card holders, can withdraw cash from ATMs of other bank’s-participants of “Atmosphere” network discounted tariffs.

Full list of members of the “Atmosphere” network can be found here.

Piraeus Bank suspended cooperation with the international payment system MasterCard

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