Bank of Valletta announced that it will be introducing additional incentives for all BOV Merchants who accept card payments through the BOV Electronic Point of Sale at their retail outlet. The new incentives are intended to support the euro changeover process and will run in January 2008, encouraging merchants to promote payments by means of cards.

“The incentive will be specifically linked to increases in sales turnover and we are currently in the process of communicating the full details directly to all our merchant customers,” said Mario Gouder, Executive Head responsible for Personal Finance at Bank of Valletta. The incentive aims to reward those Merchants who, through increased card sales will be instrumental in reducing the circulation of currency during this crucial changeover period.

This additional Sales related incentive is yet another means of rewarding merchant loyalty and complements the BOV “Shop & win” Christmas promotion that is currently underway whereby both BOV Cardholders as well as BOV Merchants win cash back. In fact, during the month of December, BOV awarded more than e1,630/Lm700 in cash prizes, and this cash prize fund will be quadrupled for both cardholders and merchants for the grand final draw that will be held in February 2008.

Launching the new incentive for BOV Merchants, Mario Gouder, Executive Head – Personal Finance at Bank of Valletta, said: “These card related incentives demonstrate BOV’s active role, as Malta’s Euro Bank, in effectively supporting and implementing, a seamless adoption of the new currency.” Mr Gouder went on to add that: “During this festive season when spending levels are significantly increased, consumer card usage and merchant card acceptance helps to reduce the necessity to effect currency changes.”

In conclusion, Mr Gouder took this opportunity to remind BOV Merchants that the BOV EPOS’s are in fact already euro compliant, and on midnight tonight, will automatically set the euro as the default currency. Therefore, merchants need not perform any functions since the update will be fully automated.