So much for cashless push

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So much for cashless push

Post by confuzzled dude on Sun Jan 08, 2017 10:34 am

BENGALURU/NEW DELHI: A sudden move by banks to levy a 1% transaction fee on card payments at petrol pumps has taken the oil ministry by surprise and prompted dealers to say they will stop accepting plastic money from midnight, which could cause inconvenience to consumers in times of cash shortage and affect the government's move to encourage cashless transactions.

In Delhi, ministry officials said they were unaware of the move by the banks and have asked them to put off the levy till a system of compensating the petrol pump dealers is disccused by all stakeholders- state-run fuel retailers, banks and petrol pump owners. The banks' move will not target the citizens directly as no new charges will be levied on customers using cards.

Stopping card payments and accepting only cash at petrol stations comes at a time when the Centre is pushing for increased non-cash transactions and announced a 0.75% cashback offer on purchase of petrol using plastic money.
http://timesofindia.indiatimes.com/business/india-business/petrol-pumps-wont-accept-cards-from-monday-to-protest-banks-transaction-fee/articleshow/56402253.cms

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Re: So much for cashless push

Post by Hellsangel on Sun Jan 08, 2017 11:13 am

They'll evolve. Gas stations here charge about 10¢ more per gallon when paying by card.
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Re: So much for cashless push

Post by Hellsangel on Sun Jan 08, 2017 2:47 pm

There you go, Comrade:

http://www.timesofindia.com/india/banks-defer-decision-to-charge-transction-fee-on-card-payments/articleshow/56407498.cms
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Re: So much for cashless push

Post by confuzzled dude on Sun Jan 08, 2017 3:40 pm

Hellsangel wrote:There you go, Comrade:

http://www.timesofindia.com/india/banks-defer-decision-to-charge-transction-fee-on-card-payments/articleshow/56407498.cms
Well, this is a temporary fix. We all know that banks will not survive without credit card transaction fee, which means the customer, ultimately, will bear the burden.

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Re: So much for cashless push

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