Nets fee hike angers retailers
- Thread starter Scaglietti
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Looks like when we carry cash, must now use the GPMG ammo box like how we were paid when we first go in for BMT.:sweat:
Three prices on the price labelling coming in July, NETS, Credit card and Cash.
Three prices on the price labelling coming in July, NETS, Credit card and Cash.
The gahmen never set NETS as the national cashless payment in Singapore. Some government agencies accept NETS for payment, but not all. Some government agencies accept credit cards as payment too. NETS is important, but I won't say it's critical. Certainly the gahmen can do something, but it is not always in nation's interest to do so. There are other factors at play. Everytime the government disturbs the market forces, there will be consequences.
For example, if you deliberately keep NETS fees low, the local banks may not want to update the NETS systems and let it deteriorate. If the government takes over NETS, it won't be able to run it as efficiently NETS need to integrate closely with the banks' systems.
if that happen, I'll juz withdraw till minimm amount in bank acct. Keep what I need in cash form and the rest, find some investments.
Nets are just screwing themselves. If they charge the same as credit cards, then retailers will not prefer them over credit cards. This will increase the use of credit cards, and lure people to borrow...
You may ask... why are they screwing themselves?
The reason is clear... Nets is owned by the local banks. Local banks, being the dominant players in the local credit card market has a strong desire to see to it that the use of their credit cards go up. If you Nets, money is deducted from your account, and that's the end of the story. If you card it, there is a chance that you may carry over the amount owed for some time, and so the banks earn some hefty interest. Which channel do you think the banks want you to use?
So, raising Nets fee is actually good for them if you look at the bigger picture. The amount of transactions that go through those seedy shops in SLS are a small part of the whole payment landscape. So, they can afford to lose these... and they don't really care if you were to go to the ATM every time you want to buy your camera or lenses.
So... Nets raising their fees is really bad for you and me, but very good for them. Sad right?
unfortunately, the better credit cards issuers are citibank and hsbc, local banks no fight.
sian .... how to carry much cash around ? i always use nets to pay for things... dun like CC so much becos i think can control better with cash... dunno retailers would pass the costs to us consumers? but again 2% increase... nothing compared to the 200% price they jacked up lah :bsmilie:
Care to elaborate Bro?
What are the differences? Better customer service? Better/more rebates?
Looks like we just surrender and accept the 2% more for using NETS.
http://www.ppcsg.com/index.php?showtopic=90768
http://www.ppcsg.com/index.php?showtopic=90768
Buy Grey
(w/ international warranty)
You SAVE:
7+2 = 9% !
or $90 dollars with every 1000 purchase... hahaha :bsmilie:
(w/ international warranty)
You SAVE:
7+2 = 9% !
or $90 dollars with every 1000 purchase... hahaha :bsmilie:
Sadly not everyone can own a credit card and most people use NETS. Invariably this will impact prices for a lot of things. This is yet another small turn of the screw that will impact the disadvantaged and poor even more. How not to view the local banks as money grubbing Shylocks... :angry:
Yes, govt can pass legislation. But what would it say again?
- Anti-govt detractors would say that govt is trying to run our lives
- Retailers will say that govt wanna have a pie in everything
- Banks will cry at the legislation ruiling and when they can't set their own rules, what they do?
- Doomsday prophets will say that the ruiling incumbent has a place to play in this conspiracy by conspiring with local banks for some secret arrangement to suck more money from us.
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