NETS transaction fee to go up by 450% come July 1
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From 0.45% to 1.8%..
Might as well use credit card
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wah sure or not..
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Yeah...Originally posted by Eiizumi:wah sure or not..
It would be charged onto retailers
+ it would occur from the same day of GST hike... -
depends on whether the shops wanna make consumers bear the fee or not
oni small shops affected i guess
they can set a minimum amount to use NETS
which a lot of shops have oredi been doing.......... -
400% somemore come with GST hike...Originally posted by FireIce:depends on whether the shops wanna make consumers bear the fee or not
oni small shops affected i guess
they can set a minimum amount to use NETS
which a lot of shops have oredi been doing..........
How to tahan... Might as well dun accept... -
THink many cabbies will also start to kbkb.
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tat means abt 80 cents to $1plus??
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wtf?
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Yeah... To encourage cashless transaction... pui...
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small shops may juz back out from the nets machine. 0.45% to 1.8% is quite a bit lo. carry more cash in the future bah~
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use cash
nets cut their own lifeline, i wonder what they will do when they realise huge fall in their revenue, revert back like the thai military government on the economic policy -
when i use my debit card, dey always ask: nets or visa?
i think i will choose visa next time. -
NETS may have set up by the banks, but talk about supporting smaller merchants...pffft.
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All fault points to 66.6% of you who voted "Aye".
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It's time to cut my budget to at further 10%...
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NETS, which is owned by DBS, OCBC and UOB, said the hike is necessary to stay competitive against international debit cards, which have higher charges and offer more attractive returns to card issuers.
Can someone enlighten me to the logic? I dont really understand. -
Same old s.h.i.t again. Every time prices for something go up, what's the reason? "To stay COMPETITIVE against blah blah blah..." They use this reason for wages, and now nets.Whats new?
Sidetrack a bit,if you realize something abt the GST credits payment and timing of it all,the govt is juz giving us money which will in turn pump back into the economy. No coincidence for giving it out during the GSS period.
Civil servants to get 1/2 mth bonus and $220 is probably juz another tactic to "win" the hearts of pple. Im not saying its no good. Who doesnt want more cash? Prob is they are not tackling the root of the problem. They give ONE-TIME cash handouts,but GST,NETS and other price increases are here to stay. Prices onli go up but never down. I'd rather they increase wages of the middle and lower income group instead of asking singaporeans to "accept low wages to remain competitive". -
ya totally no logic in it.. i though to remain competitive you must be better and cheaper?Originally posted by Xprobe:NETS, which is owned by DBS, OCBC and UOB, said the hike is necessary to stay competitive against international debit cards, which have higher charges and offer more attractive returns to card issuers.
Can someone enlighten me to the logic? I dont really understand. -
top up ez-link with NETS how?
i'm almost certain by end of the year, each top-up will be slapped with a $0.25 admin fee. -
i take it as inefficient (not perfect competition) business models that merely passing on their trade issues to the consumer. this says a few things:
firstly, it oozes bureacratic arrogance
secondly, this is the best creative solution they came up with in nation of top brains? (i wouldnt need a masters or phd to think of this)
thirdly, an inefficient business model being challenged by international debit cards is a positive development towards better allocation of resources in the economy, why is the common folk being used as human shield against such an unrighteous cause in the first place? -
News coverage here: http://www.sgforums.com/?action=thread_display&thread_id=258894
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"Chief executive officer Poh Mui Hoon said the system will be squeezed out of the market if it does not raise its rates: 'It is a tough but commercial decision that we have to make. We haven't raised rates for 22 years, it has to be done."
did they consider that maybe it has outlived its relevance in today's spore and is a GOOD thing to be squeezed out?
Can one of these "cream of the nation" who trained all their lives to be the best and nothing but the best, take a step forward and lead by asking the right questions? -
I would like to dedicate this old Sam Hui cantonese Song to you all.
http://box.zhangmen.baidu.com/m?gate=1&ct=134217728&tn=baidumt,¼Ó¼ÛÈȳ± &word=mp3,http://www.zzyhtc.com/rl/m5wz.mp3,,[%BC%D3%BC%DB%C8%C8%B3%B1]&si=%BC%D3%BC%DB%C8%C8%B3%B1;;%D0%ED%B9%DA%BD%DC;;38047;;38047&lm=16777216[/url] -
if only all sporean can boycott NETs and send these monopolise ba$tard packing
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KNN, the three banks that form the NETS have reported record results and they are now bitching that they have to raise rates to stay competitive? What is the logic?
Can they ever offer the same rates / perks that credit card / debit companies offer? Don't forget, DBS, UOB & OCBC also issue credit cards - they are fighting their own products and the way they say it is like credit cards are some foreign competitors when in actual fact, its a thinly veiled excuse to raise yet more profits.
For me, its okay, I have given up on NETS and use cash / credit cards - but for those who has no abilities to own a credit card - its gonna be a problem. For more than 20+ years, we have brought up to the convenience of using NETS and there was recently a campagin to encourage higher use of NETS as cashless transactions - these are contradicting.
I am damm sure the merchants will pass on this % to consumers - as it is, some shops either don't accept credit cards or ask for 10% surcharge for credit card. Its going against the call for cashless & seamless payment. I am disgusted - its pure greed at play. I say, lets boycott the nets & even GIRO - cos very soon, they might increase the fees for GIRO too.