Council Applauds Westpac for removing Merchant' Service Fees

26/03/2020 11:54

The Consumer Council of Fiji welcomes the move by Westpac Bank to remove merchant’s service fee on transactions less than ten dollars with the use of locally issued debit cards.

This move by Westpac is music to merchant’s ears as they do not have to make visits to the branch for cash deposits after electronically settling all transactions daily. Happier are consumers who don’t have to worry about withdrawing cash from ATMs to cater for less than$10 transactions.

“The Council welcomes this essential move by Westpac as this will assist consumers to utilizeavailable digital banking platforms such as mobile banking and online banking reducing branch visits. This is particularly good news for lower income earners who may have less than $10 on their Local Debit Access Cards but still need to purchase items with that balance,” ChiefExecutive Officer, Ms. Seema Shandil said.

Consumers can use their locally issued Debit Cards on Westpac EFTPOS machines to purchase goods of any value now.

Ms. Shandil said the minimum spend amount requirements were setby merchants to cater for the merchant service fees charged to them by banks. Therefore, this removal by Westpac reflects a fair trade for both merchants and consumers.

She added that other banks should also consider removing the merchant service fees on their EFTPOS machines to boost the nations move towards a cashless society.