Credit Card Transaction Fee: Inputs Sought
Many of you have raised the issue of transaction fee on cards. Currently most credit cards charge merchants/businesses anywhere between 1.25-3% depending on the type of credit card.
As a result, merchants/businesses discourage consumers to use credit card and offer cash discounts.
As we move to digital and cashless India, what do you propose should be reasonable credit card charges so credit card usage can become more common while card companies and banks get sufficient fees to deliver secure processing services.
We will then follow this discussion through with a poll so a way forward can be derived from this consultation process.
We look forward to your inputs!
Dept. of Consumer Affairs more
There should not be any charges for transactions done through credit cards as the amount is paid to the merchant after a period of 30/60 days and banks earn interest on the amount collected from customers. more
Govt should stop taking any type of charges on electronic payment. They should give some subsity also to promote cashless India movement. more
If really government wanted to attract people to move towards cashless transactions it should stop such hidden or penalizing charges to people and definitely people wont suffer. If you want to levy taxes pl charge on politicians by cutting down their frequent free traveling facilities (no use to us) and officials traveling (either by flight or IAC trains) and definitely government will save money. more
I agree with above views. why should there be any charges at all for any plastic card transactions? Customers do not benefit financially from card transactions that charges are to be paid by them. It is Government which benefits by getting additional tax due to transparency of transaction and as it is in position to pass off its inefficiency to public, it ensures a charge. But then, why should I be party to it? If i am free, and there are transaction charges, then I shall view it purely from point of view of going to outlet cost vs. cost of plastic money. more
Thanks all for your inputs! more