Collecting cash and trying to evade taxes disrupt electronic payment platforms

New data revealed an increasing pace of “disruption” of commercial points on mobile electronic payment platforms (TPE), as a large group of stores linked to processing contracts with the Moroccan Monetary Center decided to suspend the work of payment devices, to raise the value of the amounts collected in cash (cash) for daily commercial transactions, especially During the past few days, there was a peak in demand for goods and services, coinciding with the beginning of May, and employees and workers receiving their monthly wages and entitlements.

Informed sources reported that the “disruption” of electronic payment platforms at commercial points mobilized the Moroccan Cash Center, which equips these points with the aforementioned devices, in exchange for commissions of up to 5 percent for each transaction, while only 1 percent is deducted from operations in markets and major commercial spaces. Given the extent of its daily popularity, she explained that the commercial departments in the center have observed an increasing rate of suspension of work on payment platforms, which transfer the collected amounts to the bank account of the merchant, whether an individual or a company, 48 hours after completing the process, with the pre-determined commission being deducted.

The same sources confirmed that research carried out by the interests of the Moroccan Monetary Center monitored the suspension of work on TPE platforms in search of immediate cash liquidity, in parallel with the increasing demand for banknotes in the market, in order to settle financial transactions between merchants and suppliers, explaining that some commercial points intended to reduce The value of its financial transactions through the aforementioned platforms, by switching to manual operations, which are not monitored by tax control services, given that tax declarations are attached to commercial bank account statements.

The same research observed an increasing demand for payment via bank cards via mobile electronic payment platforms due to the ease of completing payment transactions without contact, which now controls 50 percent of the volume of popularity, and about a third of the value of the amounts paid through this method. While she pointed out that the platforms benefited from the speed of preparation and spread, through the Moroccan Cash Center adopting a proximity commercial policy, through representatives who prepare points of sale on the aforementioned platforms, in exchange for copies of national identification cards, commercial registers, and rental or ownership contracts for stores.

Portable electronic payment platforms have transformed from a tool for competition between commercial points into a device for tracking activities by the tax control services, which rely on the right of access in order to scrutinize the volume and value of transactions completed by the aforementioned devices, before matching them with the statements received from those obligated, noting that the Moroccan Center During the recent period, Money Bank launched multiple campaigns to raise awareness and raise awareness about the use of payment platforms, as it bet on 12.5 million bank cards in Morocco, and the intensification of direct competition between merchants to attract customers, through fast and secure payment options.