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Small transactions by Bancontact cheaper in Belgium

The electronic payment company Wordline will reduce the fees for making small payments. The company announced a price cut on Tuesday (26 April).

Fees for payments up to 5 euro via the Bancontact system will be 2 cent instead of 5 cent as of June 1, a decrease by 60 %. Payments between 5 and 10 euros will receive a discount up to 30 %.

“The price cut announced today follows an earlier reduction on April 1 for transactions above 10 euros,” Worldline said.

The company also announced that the introduction of the new fees will be accompanied by a four-month promotion period during which all payments up to 5 euros will exceptionally be without charge for the shops.

Worldline registered near 1.8 billion electronic transactions in Belgium in 2015 (+ 7.5%). The company intends to “encourage the move towards a cash-free society and to stimulate the Belgian economy”.

The Brussels Times (Source: Belga)