Payment Transaction Fees a Challenge for Banking System

As the new fiscal year started on March 21 and the banking system expects major reforms, the issue of payment services’ fees poses a huge challenge to the electronic banking sector.
At present, banks receiving and making payments bear the bulk of payment fees because when a payment is made with a bank card, the bank receiving the payment has to pay a fee to the bank whose card has been used. This is on top of the amount banks pay as rent and support fees for each POS device to payment service providers.
Furthermore, banks have to pay another fee when submitting a transaction order aimed at paying public bills and purchasing phone credit recharges.