Credit institutions are required to provide a debit card for the execution of payment transactions, including online payments, the Central Bank of Cyprus (CBC) says in relation to Basic Payment Accounts. It also clarifies that credit institutions may, but are not obliged to, offer such an account that includes the service of executing payment transactions by credit card.
According to an announcement, KTK, with the aim of protecting consumers in relation to the fees charged by credit institutions, has recommended from February 2020 to the Ministry of Finance a specific package of measures on the fees imposed on Payment Accounts with Basic Features.
(CNA)
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