, China

Chinese stores urge for less bank card-swipe fees

The China Chain Store and Franchise Association urged the government to cut bank card-swipe fees charged to merchants.

"China's retail sales growth has slowed from a year earlier, so the government should step up the implementation of the plan with a view of promoting consumption," said Secretary-General of the CCFA Pei Liang. He noted that a proposal for cutting card-swipe charges issued by authorities is currently seeking opinion from commercial banks.

At present, fees charged to supermarkets and stores for transactions made with bank cards range from 0.5 percent to 1 percent of the transaction value.

Transactions made with bank cards are growing at an annual rate of 30 percent, and bank card transactions currently make up 35 percent of all supermarket transactions and more than 60 percent of all sales in stores, according to a survey conducted by the CCFA.

However, the operational costs of merchants are growing at an annual rate of more than 15 percent and their average profit margin is around 2 percent, according to the survey.

For more.

Join Asian Banking & Finance community
Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you design and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Ping An Digital Bank offers $6.4m trade loans to SMEs
New facilities use alternative credit data with funding available in as fast as one business day.
OCBC opens ringgit savings to Singapore customers
First non-Malaysian lender offers interest-bearing MYR balances of up to $12,250.4.
Standard Chartered buys Zodia Custody as digital units combine
The proposed transaction remains subject to regulatory approvals across its operating markets.
Wealth Management

Exclusives

Banks told to stop playing Gen Z card
Complicated reward schemes and spending conditions can erode card benefits.
Cards & Payments
Banks rethink overseas ties as payments go digital
Bank of America sees common standards and round-the-clock liquidity as key hurdles.
Singapore opens door to foreign stablecoins under tighter rules
Banks may need separate companies to issue stablecoins under the proposed framework.