Say NO to NETS

NETS is increasing its fees for merchants, and these merchants are likely to pass the increased costs to us. This increase is not unsubstantial, as it represents a three-fold increase over current charges.

"NETS now charge businesses between 0.35 and 0.55 per cent of the amount of each transaction. Starting July, this will be increased gradually to between 1.5 and 1.8 per cent of purchases." --- from Channelnewsasia website

True, there's no free lunch on Earth, and we should expect to pay for everything we use, but what? A three-fold increase? Right. I suggest that we vote with our dollars, and use cash, debit/credit from now on. We will show NETS that we consumers are not to be trifled with.

Meanwhile, NETS has also clarified that this increase in fees is not meant to be a consumer issue, but I think they're more afraid of the Competition Commission coming down hard on them because of their monopolistic position as CASE has filed a complaint against them with the Commission. Hooray to that.

A ST reader sent in his views on the NETS issue and I'm furiously nodding my head away to his comments. Couldn't agree more. But well, I'm not sure if the hoo-ha will die off like it ALWAYS does in Singapore - be the issues be on upgrading of HDB estates, political issues, transport fee hikes and stuff. I'd be disappointed if it were the same with every issue, although I'd tend to think that this NETS thing shouldn't be blown out of proportion - I'd just change my mode of payment to debit, thank you very much.