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IT IS interesting to note that Nets is fighting increasing competition from debit card issuers which give out attractive returns by 'raising rates'.
By doing this, it is only shooting itself in the foot.
It is ludicrous that consumers, especially the elderly and the lower-income families who rely on Nets, are penalised.
To make things worse, Nets doesn't seem to be assisting the elderly and lower-income families at all.
I fear the day when they have to resort to the age-old practice of keeping money in biscuit tins.
Just take a look at the petrol price wars among Bukit Timah's petrol stations.
Companies responded to competition by lowering petrol prices instead of raising them.
What Nets is doing seems to be the antithesis of countering increased competition.
Zheng YangYan
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