Authorities watching you via bank cards

Belarus has issued about 14 million bank cards. The state is helping banks to develop this system of payment for a reason.

“The state is interested in the easy linking of all money transactions with persons and their locations. The interests will sooner or later translate into some technical system,” expert Mikhail Zaleski predicted the near future.

But for now these are just plans, the state and the banks already use the money of Belarusians. After all, citizens are using payment terminals. There are over 150 thousand of them in the country. They process a significant portion of the money turnover.

“One terminal for 50 potential buyers. But why? It is done for your rubles not to ‘sleep’ in your pocket, but work to the delight of the banks. You have a salary or a pension trasfered to your card. Where is the money, who operates it? The Bank credits the merchant. The merchant buys a commodity. It sells it to you. It pays off the loan,” explains Zaleski.

More about the issue in the program “Personal Capital” (video above).

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