Thai Banks Pledge to Lower Card Rates to be In Line with E-payment

[webfact]

Banks Pledge to Lower Card Rates to be In Line with E-payment
BY JACOB MASLOW



BANGKOK: -- Bangkok Bank and Kasikornbank formed an EDC machine alliance and will offer lower fees for card payments. The fee amount will be 0.75% of the amount charged. The two banks currently charge a rate of 1.5% – 2% per transaction, which is on par with what other banks offer.

Shops have the option to share fees with customers. Most banks currently pass all of the merchant fees on to customers, which makes goods more expensive.

The move by the two banks is an effort to fight against the e-payment scheme, which the government initiated to promote electronic transactions. The scheme also undercuts bank fees, which has the potential to negatively impact bank revenues.

Merchant fee cuts are expected to move Thailand to a cashless society, rather than a cash-based society.

The first phase of the e-payment scheme will result in 500,000 EDC machines installed starting next month. There are 300,000 EDC machines controlled by banks that have already been installed prior to the scheme going into law.

Full story: https://ethailand.com/business-news/banks-pledge-to-lower-card-rates-to-be-in-line-with-e-payment-scheme/2944/#prettyPhoto

-- eThailand 2016-06-21

[leeneeds]

Banks give and banks take away

profit is the end game

always will be.

[gandalf12]

Can anyone give me a proper reason why I would want to pay a user fee in order to make a payment? There could be exceptional circumstances I agree but in general I wouldnt pay for the privilege of paying by card

[Pib]

When the banksters lower fees in one area to offset that revenue loss you can bet they will raise fees (or create new ones) in another area to balance things out. Maybe raising farang card ATM withdrawal fees from Bt200 to Bt250 can help the poor banksters recover some loss revenue.

[chainarong]

When the banksters lower fees in one area to offset that revenue loss you can bet they will raise fees (or create new ones) in another area to balance things out. Maybe raising farang card ATM withdrawal fees from Bt200 to Bt250 can help the poor banksters recover some loss revenue.

Well the banks in OZ lowered the ATM fee because they were told too, they then put up the international charges, as we all know about and not a thing the Australian Government can do about it , as it is O/S

[gyrosman]

How about the LOTUS stores, I WANTED to buy strawberry's at 178baht for a PINT Talk about thief's.

[goonnerone]

Not even close to being funny I am waiting for the idiots to do something like this

When the banksters lower fees in one area to offset that revenue loss you can bet they will raise fees (or create new ones) in another area to balance things out. Maybe raising farang card ATM withdrawal fees from Bt200 to Bt250 can help the poor banksters recover some loss revenue.