NETS fee hike does not infringe Competition Act

ndmmxiaomayi SG

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? Rolling Eyes

the Bear SG

i will help the businesses by NOT using NETS and paying them cash Twisted Evil

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 Twisted Evil

ndmmxiaomayi SG

Not a bad idea. I'm still cursing at NLB's idea of cashless payments. Laughing

4getmenot SG

Originally posted by ndmmxiaomayi:
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.
_____________________________________________________________

Like this also can? How often do we see normal shopkeepers accepting alternative forms of payment? Rolling Eyes [/b]

as expected.. Rolling Eyes

airgrinder SG

strongly supported. Either cash or credit cards.

jianfish9 SG

Do you seriously think that they will act in favour of the masses instead of in the favour of the rich few?

the Bear SG

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..

zaxis SG

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.

ndmmxiaomayi SG

Bus fare up , LRT fare up, MRT fare up, CAN we cycle?

since now they are studying bicycle on pedestrian path

When and if it's legalized.

CoolMyth SG

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. Laughing

the Bear SG

exactly Twisted Evil

pay cash

CM06 SG

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.

will4 SG

It will more or less affect the retailer especially those in the HDB shop.

the Bear SG

HDB shops transact in cash

will4 SG

I think majority of the customer should go to ATM machine to get money before buying their things. Smile

rane SG

NETS owned by banks, thought it is partially owned by gahmen. Ever went there for interview, told me it was partially gahmen.

the Bear SG

they don't charge for ATM use.. yet

BillyBong SG

Should we expect benevolence from our gahmen in the form of a 'free lunch'?

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]

the Bear SG

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 Wink

give credit where it is due.. just like vilification

airgrinder SG

I beg to differ. Refer to my underlined replies.