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Why the bank gives the miles?

The miles are the reward from the bank for your paying by the card.


To understand why the bank gives them, let’s follow the money.

A monobank customer pays by the card in a shop’s terminal.

The terminals belong to a separate acquiring bank.

Since the payment goes through the terminals, the shop pays the acquiring bank a fee for every purchase paid for by the card

This money is used by the acquiring bank to pay fees to payment systems — MasterCard or Visa.

The fees vary, but about 20 UAH from each 1,000 UAH you spend go to the acquiring bank and the payment system.

The bank credits the customer with the miles in return for them using its cards and not another bank’s cards.

This is how banks and payment systems share their profit with the buyers.

You receive 20 miles for every 1,000 in the receipt.