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> Since April, customers dipping into their mobile-phone wallets to settle bills of more than 2,000 rupees ($24) have to bear a maximum 1.1% fee, but only if th
by abdullahkhalids 3y ago
> Since April, customers dipping into their mobile-phone wallets to settle bills of more than 2,000 rupees ($24) have to bear a maximum 1.1% fee, but only if they are scanning a different platform’s quick-response code.
I don't understand why an instantly-settled debit transaction required a percentage based fee, rather than a flat one.
Isn't this like an instant wire transaction which are typically flat fee? Do payment processors have to reverse transactions due to fraud?
- ToucanLoucan 3y ago> I don't understand why an instantly-settled debit transaction required a percentage based fee, rather than a flat one. Because they can. Because banks, utilities, insurance companies, etc. all sell products that you in one way or another are required to buy, and as such, they can set the terms of that exchange knowing damn well you'll pay the vast majority of the time.