Thirty-five years ago, online banking was still an integral part of online payments. Not being able to use online banking on the Mac is a common reason that users distance themselves from it.
However, with the innovation of micropayment and the free mobile transfer, most people are quickly turning to third-party payment tools such as Alipay and WeChat Pay.
In recent weeks, following China Merchants Bank, many banks such as CITIC Bank, Bank of Shanghai, Bank of Jiangsu and Zheshang Bank have recently announced that they will reduce or eliminate the fees online banking, mobile phones and ATM transactions. This strategy is likely to extend to most small and medium-sized banks and municipal commercial banks in the future, with the exception of the five major Chinese banks.
Among them, the transactions by mobile apps have the biggest discounts. As long as you are willing to install those banking apps, the above banks even including ICBC and the Bank of China can offer you a free transfer.
In addition to the profit from different interest rates between deposit and lending, the transaction fee of inter-bank and trans-regional transfer is also a bank's daily income. Even when transferring through third-party payment methods, the fee is still there, Alipay or WeChat just pay it for you. Overseas, if you use a payment tool such as PayPal to transfer or pay money, the recipient will normally pay a basic fee of approximately 3%.
From October 17th this year, WeChat Pay will gradually test the new rules for the transfer. Each month, each person is allowed RMB 20,000 by face-to-face transfer free of charge, after that, payers will be charged 0.1% of the transfer amount. Alipay currently also charges the payers 0.1% of the transfer amount.
In the area of large payments, banks and third-party payment tools are now almost back on the starting line. However, with regards to micropayments, which are more commonly used, people rarely choose to pay by online banking, even although they are all free.
After all, it is well known that free transfer fee is not a selling point today.
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