NETS fee hike does not infringe Competition Act
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From Channel News Asia
NETS fee hike does not infringe Competition Act: Competition Panel
SINGAPORE: The Competition Commission of Singapore has concluded that the impending fee increase by NETS is not an infringement of the Competition Act.
It will therefore not be taking any further action at this point in time.
The Commission made the statement after reviewing available information, following a complaint filed by the Consumers' Association of Singapore (CASE).
NETS had announced that it would be increasing its fees from July 1.
The Commission clarified that it is not generally within the purview of the Competition Act to review or regulate pricing decisions.
It said the Act is only relevant when a party acts in a manner that abuses its dominant position.
The Commission added that in this case, there are alternative payment methods such as credit, debit and EZ-Link cards that consumers can use.
Section 47 of the Competition Act prohibits firms with dominant market power from abusing it in ways that are anti-competitive and work against long-term economic efficiency.
CASE has expressed its disappointment over the Commission's decision not to take action on the the NETS fee increase.
It is concerned retailers may pass the increased NETS transaction fees onto consumers, despite NETS saying that retailers are not supposed to do so.
CASE has advised consumers to ask retailers about additional costs, check receipts and report retailers who pass on the increased NETS fee to consumers.
It also stressed that banks have the responsibility to support NETS but they could keep interchange fees low.
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Like this also can? How often do we see normal shopkeepers accepting alternative forms of payment?
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i will help the businesses by NOT using NETS and paying them cash
my refusing to use NETS is also not infringing on the Competition Act..
heck! the way i see it, since places like libraries can reject legal tender cash as payment and make us use cashcards (which are not legal tender), shopkeepers can insist on cash terms..
and best of all, since they are insisting on legal tender, it will NOT be infringing on any laws at all -
Not a bad idea. I'm still cursing at NLB's idea of cashless payments.
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Originally posted by ndmmxiaomayi:
as expected..
From Channel News Asia
[b]NETS fee hike does not infringe Competition Act: Competition Panel
SINGAPORE: The Competition Commission of Singapore has concluded that the impending fee increase by NETS is not an infringement of the Competition Act.
It will therefore not be taking any further action at this point in time.
The Commission made the statement after reviewing available information, following a complaint filed by the Consumers' Association of Singapore (CASE).
NETS had announced that it would be increasing its fees from July 1.
The Commission clarified that it is not generally within the purview of the Competition Act to review or regulate pricing decisions.
It said the Act is only relevant when a party acts in a manner that abuses its dominant position.
The Commission added that in this case, there are alternative payment methods such as credit, debit and EZ-Link cards that consumers can use.
Section 47 of the Competition Act prohibits firms with dominant market power from abusing it in ways that are anti-competitive and work against long-term economic efficiency.
CASE has expressed its disappointment over the Commission's decision not to take action on the the NETS fee increase.
It is concerned retailers may pass the increased NETS transaction fees onto consumers, despite NETS saying that retailers are not supposed to do so.
CASE has advised consumers to ask retailers about additional costs, check receipts and report retailers who pass on the increased NETS fee to consumers.
It also stressed that banks have the responsibility to support NETS but they could keep interchange fees low.
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Like this also can? How often do we see normal shopkeepers accepting alternative forms of payment? [/b] -
strongly supported. Either cash or credit cards.Originally posted by the Bear:i will help the businesses by NOT using NETS and paying them cash
my refusing to use NETS is also not infringing on the Competition Act..
heck! the way i see it, since places like libraries can reject legal tender cash as payment and make us use cashcards (which are not legal tender), shopkeepers can insist on cash terms..
and best of all, since they are insisting on legal tender, it will NOT be infringing on any laws at all -
Do you seriously think that they will act in favour of the masses instead of in the favour of the rich few?
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if the masses act in solidarity, the rich few can do nothing...
however, do the people wish to act in solidarity?
or are they as greedy as that rich few, hoping to gain that unearned bit and screw the rest?
prisoner's dilemma on a national scale..Originally posted by jianfish9:Do you seriously think that they will act in favour of the masses instead of in the favour of the rich few? -
using coin to deposit into bank account or change into note need to pay additional service charge @ bank counter.
what if we use 100 ten cents coins buy things @ NTUC = S$10.00
causeway link bus service provide FREE coin change service, @ Kranji MRT both direction, after JB immigration bus stop.
when price adjustment upward can we Singapore say NO!!!
or can we not purchase that product say for 3 weeks?
e.g. fresh egg price adjust due to bird flu, can we less consume egg. or can we do not buy egg for 3 week?
Fresh vegetable product adjusted due to HELL reason in Malaysia or Shenzhen china, can we eat other item that did not adjust price?
why must Singapore living human eat these price adjusted product.
Bus fare up , LRT fare up, MRT fare up, CAN we cycle?
since now they are studying bicycle on pedestrian path. -
Bus fare up , LRT fare up, MRT fare up, CAN we cycle?
When and if it's legalized.
since now they are studying bicycle on pedestrian path -
Remember people, it's not the retailers' fault, but NETs.
So, continue to use your crispy notes and not make things difficult for the retailers, who just want to do business. -
exactly
pay cashOriginally posted by CoolMyth:Remember people, it's not the retailers' fault, but NETs.
So, continue to use your crispy notes and not make things for the retailers, who just want to do business. -
Haha cant you all see? The Banks are trying to squeeze us left and right.Originally posted by CoolMyth:Remember people, it's not the retailers' fault, but NETs.
So, continue to use your crispy notes and not make things for the retailers, who just want to do business.
Nets is owned by the banks.
Banks pump the property market - they charge our mother/father/you/your relative so much for paying housing/car/furniture/personal loans and guess what? All your money in the bank is generating ....0.00001% .nothing. Lock your funds up with "high" 2%fixed deposit so that they can charge 7% or much much higher for a longer period from these laons and earn more money.
Banks raise NETS charge so everything one jump into credit cards - miss payment and you are screwed REALLY bad - they will eat everything you own declare you bankrupt and make you live the streets do they care?
Banks impose rules on notes changing, coins changing citing costs - where else do you have a choice to this? How come our $100 coins become $95 notes instead? Banks eat our money and the MAS doesnt give a crap.
Cashless you get fark, cash you get fark, the banks are all laughing at us.
What happens when the people get into debts? The women go sell body lor how young? 16 and above already starting to do it not to mention more and more of them are doing freelance or a social escort. Sound nice? How do you like to find out your 20+ year old niece is a prostitute and sleep men they dont know beyond a few names? Good luck to thosewho are "helping these poor girls out" when they walk into the hotelroom and see their best buddy's young daughter opening the door.
What about the men? Who cares right? Backside not very popular yet anyway. What what do the poor men do? They sit at home or do menial jobs. If they owe a motorbike - fastfood delivery.
It's a timebomb. The rich will remain rich and become richer every day. Everyone else is just something to be exploited to make them every richer. -
It will more or less affect the retailer especially those in the HDB shop.
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HDB shops transact in cashOriginally posted by will4:It will more or less affect the retailer especially those in the HDB shop.
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I think majority of the customer should go to ATM machine to get money before buying their things.Originally posted by the Bear:HDB shops transact in cash
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NETS owned by banks, thought it is partially owned by gahmen. Ever went there for interview, told me it was partially gahmen.Originally posted by CM06:Haha cant you all see? The Banks are trying to squeeze us left and right.
Nets is owned by the banks.
Banks pump the property market - they charge our mother/father/you/your relative so much for paying housing/car/furniture/personal loans and guess what? All your money in the bank is generating ....0.00001% .nothing. Lock your funds up with "high" 2%fixed deposit so that they can charge 7% or much much higher for a longer period from these laons and earn more money.
Banks raise NETS charge so everything one jump into credit cards - miss payment and you are screwed REALLY bad - they will eat everything you own declare you bankrupt and make you live the streets do they care?
Banks impose rules on notes changing, coins changing citing costs - where else do you have a choice to this? How come our $100 coins become $95 notes instead? Banks eat our money and the MAS doesnt give a crap.
Cashless you get fark, cash you get fark, the banks are all laughing at us.
What happens when the people get into debts? The women go sell body lor how young? 16 and above already starting to do it not to mention more and more of them are doing freelance or a social escort. Sound nice? How do you like to find out your 20+ year old niece is a prostitute and sleep men they dont know beyond a few names? Good luck to thosewho are "helping these poor girls out" when they walk into the hotelroom and see their best buddy's young daughter opening the door.
What about the men? Who cares right? Backside not very popular yet anyway. What what do the poor men do? They sit at home or do menial jobs. If they owe a motorbike - fastfood delivery.
It's a timebomb. The rich will remain rich and become richer every day. Everyone else is just something to be exploited to make them every richer. -
they don't charge for ATM use.. yetOriginally posted by will4:I think majority of the customer should go to ATM machine to get money before buying their things.
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Should we expect benevolence from our gahmen in the form of a 'free lunch'?Originally posted by the Bear:they don't charge for ATM use.. yet
Why will i not be surprised if they decide to milk the ATMs by imposing a surcharge per user?
The means by which to withdraw our monies are not technically govt-owned, nor are they wholely managed by the banks, who have to apply for the relevant permits before expanding their current base of ATMs in Singapore.
At the moment, DBS-POSB hold the monopoly in having the largest number of automated tellers for consumers. Would it be any surprise if they decide to add to their bulging income by charging a flat fee?
At which time, charging for internet banking will not be far behind. The policy of Pay And PAY is surely slapping us in our faces. [/b] -
btw.. it's the banks who are doing this.. not the gabrament..
the gabrament is just doing their bit passively to 'encourage' the banks' gouging business
give credit where it is due.. just like vilification -
I beg to differ. Refer to my underlined replies.Originally posted by CM06:....
Banks pump the property market - they charge our mother/father/you/your relative so much for paying housing/car/furniture/personal loans and guess what? All your money in the bank is generating ....0.00001% .nothing. Lock your funds up with "high" 2%fixed deposit so that they can charge 7% or much much higher for a longer period from these laons and earn more money.
u can always not take any loan with the bank. Bank did not force anyone to loan with them. One can always approach GE money or the like. If one is unhappy about 2% fix deposit, you can always put your money in something else. Today if you buy cloth from me at $2, make it into a shirt and sell for $7, can I complain?
Banks raise NETS charge so everything one jump into credit cards - miss payment and you are screwed REALLY bad - they will eat everything you own declare you bankrupt and make you live the streets do they care?
Please dun exaggerate. Everyone is responsible for their own spending. Please dun push one's irresponsible spending habit to the bank. And, btw if u really missed one payment, you'll just kana a late fee of around $40 depending on bank. You can still call the bank to waive it off.
Banks impose rules on notes changing, coins changing citing costs - where else do you have a choice to this? How come our $100 coins become $95 notes instead? Banks eat our money and the MAS doesnt give a crap.
If you today own an investing company. You help people to invest their funds on the stock market for example. A beaming uncle pass you his life savings of $50,000 in coins and odd notes. Another example, do you want your salary in coins, odd notes? Banks must have the relevant currencies in whatever denominations that customers require, and be ready to accept denominations that customers deposit. These denominations are not readily use for investments, thus the cost.
However you still have a choice. You can save your $100 in notes instead, of use your $100 coins to purchase your stuff at the supermarket directly.
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What happens when the people get into debts? The women go sell body lor how young? 16 and above already starting to do it not to mention more and more of them are doing freelance or a social escort. Sound nice? How do you like to find out your 20+ year old niece is a prostitute and sleep men they dont know beyond a few names? Good luck to thosewho are "helping these poor girls out" when they walk into the hotelroom and see their best buddy's young daughter opening the door.
Usually when people get into debts from the bank, they more all their assets before it can be frozen to their family members. Then they declare bankrupt. The bank ALWAYS losses. The banks' stand is always to work out a repayment scheme with the customer if they are facing financial difficulty. It is usually customers who try to be funny. And from your paragraph about prostitution, perhaps you watch too much TV
What about the men? Who cares right? Backside not very popular yet anyway. What what do the poor men do? They sit at home or do menial jobs. If they owe a motorbike - fastfood delivery.
Ya, we men are at a disadvantage....whahahahahahhah!!!
It's a timebomb. The rich will remain rich and become richer every day. Everyone else is just something to be exploited to make them every richer.
Or you can spent more time doing constructive things so that you can be richer in future. -
Originally posted by ndmmxiaomayi:
i'll start to use debit card then.
The Commission added that in this case, there are alternative payment methods such as credit, debit and EZ-Link cards that consumers can use.
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soon the CC companies will do the same thing after seeing NETS 'success' due to sgrean being LL have to pay.