Reserve Bank wants to unveil South Africa-only bank card to take on Visa and Mastercard

Adenoid Hynkel

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Which businesses use Eskom?
Oh dear. You do know as a merchant I can chose between visa/mc and Amex/diners. Plenty options. Who else can I use apart from eskom unless I spend a pretty penny on an off grid solution? Where is my choice here?

If SARB creates an alternative local gateway and it will save me .1+ % per TX I would use them. After all it means I'm banking more and one could lower the pricing to sell more. Win win. No?

Do you work in this industry?
 

RonSwanson

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Oh dear. You do know as a merchant I can chose between visa/mc and Amex/diners. Plenty options. Who else can I use apart from eskom unless I spend a pretty penny on an off grid solution? Where is my choice here?
Correct, that's because Eskom have prescribed that they are the only ones who can sell power. The same will happen with this, it's the only way that they will be able to gain the critical mass neccessary to be able to steal.
If SARB creates an alternative local gateway and it will save me .1+ % per TX I would use them. After all it means I'm banking more and one could lower the pricing to sell more. Win win. No?
Who says that they will save you .1% per Tx? This is firstly about making money for government and cadres, and secondly about tracking individuals' spending habits.
Do you work in this industry?
What's it to you? For the record, I am the Director of the Pawnee Parks and Recreation Department. I believe in the elimination of government waste and believe the government should be privatized. I love unhealthy fatty high cholesterol foods like red meat. I will rarely eat ethnic foods, but will if it contains "meat" in its name. I despise vegetables and vegetarians/vegans alike -- plants are food that my food eats. I hate lying. The only thing I hate more than lying is skim milk, which is water lying about being milk. I do not trust technology and don't give out information about myself. I redact my records on Government documents and shred photos of myself. I once trashed my computer after learning about online cookies and Google Earth and often use burner phones. I have only cried twice, once when I was hit by a bus and once at Li'l Sebastian's memorial.
Satisfied?
 

Nerfherder

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I am misunderstanding nothing.
View attachment 1030604
Where do you read "they wont proceed with this unless its cheaper"?
If you can't read that in those words I can't help you but start by looking up "feasibility"

There is no other reason to implement this kind of thing other than to save money.
If you are reading anything else into this its because you have become too jaded about this country.
 

damian24

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Apr 5, 2005
Messages
806
I pay exactly the same if I pay cash or per card. Actually with the card I get some ebucks back.
You only pay the same because Mastercard and Visa specifically prohibit (in their terms and conditions) you getting a discount for paying in cash.

The retailers hands are tied and they have to charge the same price, so they push all prices up to cover the card costs.

You're almost always paying at least 3% more for pretty much everything you buy to pay for Visa and Mastercard, whether you use cash or not...

D
 

Nerfherder

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Correct, that's because Eskom have prescribed that they are the only ones who can sell power. The same will happen with this, it's the only way that they will be able to gain the critical mass neccessary to be able to steal.

Who says that they will save you .1% per Tx? This is firstly about making money for government and cadres, and secondly about tracking individuals' spending habits.

What's it to you? For the record, I am the Director of the Pawnee Parks and Recreation Department. I believe in the elimination of government waste and believe the government should be privatized. I love unhealthy fatty high cholesterol foods like red meat. I will rarely eat ethnic foods, but will if it contains "meat" in its name. I despise vegetables and vegetarians/vegans alike -- plants are food that my food eats. I hate lying. The only thing I hate more than lying is skim milk, which is water lying about being milk. I do not trust technology and don't give out information about myself. I redact my records on Government documents and shred photos of myself. I once trashed my computer after learning about online cookies and Google Earth and often use burner phones. I have only cried twice, once when I was hit by a bus and once at Li'l Sebastian's memorial.
Satisfied?
Thank you :ROFL: thats one epic troll.

I needed I good laugh this morning.
 

damian24

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806
And everyone who uses cash pays the same fee.. So moral of the story, if you don't like a company but need to use their services, pay with a card... It reduces their profit margin.
:ROFL: - or spend cash and dont give MC or Visa a cent...
 

Nerfherder

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You only pay the same because Mastercard and Visa specifically prohibit (in their terms and conditions) you getting a discount for paying in cash.

The retailers hands are tied and they have to charge the same price, so they push all prices up to cover the card costs.

You're almost always paying at least 3% more for pretty much everything you buy to pay for Visa and Mastercard, whether you use cash or not...

D
There are also the penalties... so 3% is what they think they are paying.
 

RonSwanson

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May 21, 2018
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If you can't read that in those words I can't help you but start by looking up "feasibility"

There is no other reason to implement this kind of thing other than to save money.
If you are reading anything else into this its because you have become too jaded about this country.
Drank any ANC Koolaid recently?
Those who believe this also believe in "a better life for all" :giggle:
 

BBSA

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15,881
You only pay the same because Mastercard and Visa specifically prohibit (in their terms and conditions) you getting a discount for paying in cash.

The retailers hands are tied and they have to charge the same price, so they push all prices up to cover the card costs.

You're almost always paying at least 3% more for pretty much everything you buy to pay for Visa and Mastercard, whether you use cash or not...

D
Not disputing that, most people are aware of this.
 

baharini

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Dec 16, 2014
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How would fraud protection work for something like this? Visa, MasterCard, etc. have very strict terms they impose on banks, requiring them to provide specific and strong consumer protections, in order to keep on issuing Visa / MasterCard cards.

I can't say I'm too optimistic on trusting the SA govt to require, let alone "enforce", such high standards. Hard no from me.
 
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deweyzeph

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When did the ANC buy the Reserve Bank?

The Reserve Bank is effectively an arm of the government (and by extension, the ANC) anyway, regardless of it supposedly being privately owned. What other private organisation makes and enforces regulations that are punishable by law like the Reserve Bank does?
 

ToxicBunny

Oi! Leave me out of this...
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You only pay the same because Mastercard and Visa specifically prohibit (in their terms and conditions) you getting a discount for paying in cash.

The retailers hands are tied and they have to charge the same price, so they push all prices up to cover the card costs.

You're almost always paying at least 3% more for pretty much everything you buy to pay for Visa and Mastercard, whether you use cash or not...

D

I used to think it was prohibited in the Merchant agreements, but I had a squizz through last Visa's one last night and I saw mention of cash discounts being allowed but it can only be dealt with at the end of the transaction, so the price displayed is the price paid by a card user, a cash buyer can get a discount but a retailer can't tack on the surcharge... It might be country specific though, I didn't feel like going through the whole 900 page document at night :)

Not sure if Mastercard allow a similar thing.
 

Vrotappel

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Feb 22, 2005
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They do ?

Can you explain this a bit more to us perhaps.
The SARB is not driven by a profit motive but by serving the best interests of the people of South Africa.
After allowing for certain provisions, payments of company tax on profits, transfers to reserves and dividend payments, the surplus of the SARB’s earnings is paid to the South African government.

From the Reserve Bank's annual report.
 

Vorastra

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Someone who knows what they're talking about.

Why is this good.
Why is this bad.
 

Vrotappel

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i wonder how many billions it will cost for them to develop this. When and if ever they will break even. Also the ANC tax must be kept in mind.
 

ab-user

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It will never be finished. Because then the tenders will stop
 

Swa

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If you can't read that in those words I can't help you but start by looking up "feasibility"

There is no other reason to implement this kind of thing other than to save money.
If you are reading anything else into this its because you have become too jaded about this country.
Feasibility doesn't mean saving.
 

deesef

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These retards will probably pass a law that Visa and MasterCard must pay their fees, plus a10% management commission...
 
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