Banks lower commissions for plastic payment
9/6/2004 17:48
Shanghai's home appliance special stores, supermarkets and department
stores are required to pay lower commissions to banks for customers to pay by
plastic there, the Wenhui Daily reported today.
After the reduction, the
commission rate for Shanghai's household appliance store is 0.6 percent, for
supermarket is 0.5-0.8 percent and 0.9 percent for department stores. However in
Guangzhou, the rates reach 0.8-1 percent, 0.5-0.8 percent and 1 percent
respectively.
"Although we expect the rate to be cut to 0.4 percent, the 0.6
percent rate is more reasonable than the previous 1 percent," said the spokesman
with the Shanghai Yongle Household Electrical Appliances Co Ltd.
"The rate
for our department stores has been reduced from one percent to 0.9 percent,"
said the spokesman with the Shanghai Bailian (Group) Co Ltd.
It is good news
for local merchants to encourage customers pay money by plastic, said an
industry analyst.
In Shenzhen, tens of merchants refused to accept payments
by plastic due to high commission rates charged by banks, and local banks are
also reluctant to give way, escalating disputes between each other.
Both
banks and merchants cannot have a trial of strength at the cost of consumers'
legal rights, the analyst pointed out.
Wendy Zhang/ Shanghai Daily news
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