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EghtesadOnline: Iran’s payment industry is beset by unhealthy competition between payment service providers and the fallout of a volatile foreign currency market, the managing director of Fanava Card Company said.

“Lack of healthy rivalry among e-payment companies, fluctuations in rial’s value that have made it difficult to procure the required equipment and set up infrastructures, as well as a shortage of skilled workforce, are the biggest challenges facing the payment industry,” Ali Norouzi also told IBENA on Wednesday. Norouzi noted that some PSP firms are competing to boost demand for their POS devices by lowering the service fees. “Normally, POS machines can remain in service for five years on average, but Iranian companies supply their customers with new machines to replace old ones at a discount every two years,” he said. Norouzi also said US sanctions have hit the import of POS devices, pushing PSPs toward offering more modern electronic payment services based on the quick response code or near-field communication technology, Financial Tribune reported.

 

Iran Payment Industry foreign currency market Competition PSPs payment service providers Fanava Card Company