Fees to be cut on bankcard buying
Print Edition
CHINA will cut fees on purchases made through bankcards from September 6 and save businesses about 7.4 billion yuan (US$1.1 billion) each year. The move, however, will not affect consumers.
Bank service fees will fall by over half, and will be different for debit and credit cards. Fees on debit cards will be no more than 0.35 percent of the total transaction, while those on credit cards will be no more than 0.45 percent, according to a statement issued jointly by the National Development and Reform Commission and the People’s Bank of China yesterday. Previously, banks could charge up to 0.9 percent as service fees.
Among other fees, network service fees will be no more than 0.065 percent of the total transaction. Fees collected by institutions which handle the deals will be decided by the market, namely between the institutions and the businesses themselves.
Certain businesses will enjoy preferential treatment: non-profit medical institutions will enjoy zero bank service fees and no network service fees.
After the changes, the NDRC expects total fees to shrink by up to 63 percent for the catering sector and nearly 40 percent for department stores.
“Consumers spent 700 million yuan on bankcards in restaurants last year, and fees hit nearly 8 million yuan. The new policy should save us at least 5 million yuan each year,” said Dang Lifang, finance manager of Meizhou Dongpo company, which runs more than 100 restaurants.
Different bankcard fees are levied based on categories, including catering and entertainment, general businesses, businesses involving people’s livelihoods and non-profit organizations.
About 29 billion transactions worth 55 trillion yuan were made with bankcards in 2015.
China has over 5.4 billion bankcards in use, with more than 16 million merchants linked to the bankcard network.
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