Monobank ends its collaboration with Mastercard

Monobank ends its collaboration with Mastercard

Some Monobank Mastercard cardholders have received a notification about the need to replace their card with a Visa payment system by the end of the year, as it will cease to function afterward. 

The changes are explained by the reduction of the interchange fee from 1.6% to 0.7%, and the increase in the corporate tax rate from 18% to 50%.

Monobank has not officially announced this. AIN.UA has sent a request to "Universal Bank" to get detailed information and is currently awaiting a response. In mono’s technical support, they told us that VISA offered the company more favorable terms for the next five years, allowing them to "maintain current service quality standards."

Therefore, Monobank is now offering some clients to switch to VISA, but this does not apply to premium cardholders.

For reissuing a black card, they promise 100 hryvnias cashback, and the funds from the account will automatically be transferred to the new one.