EFTPoS merchant fee reduced

BSP Financial Group Limited (BSP) has waived EFTPoS merchant service charge for Kundu Standard customers for purchases of goods and services less than K25.

BSP Group retail general manager, Daniel Faunt, advised that as of Saturday 8th May, 2021, Kundu Standard Account customers will not be charged any fee for their merchant transactions using EFTPoS terminals for purchases less than K25.

With purchases over K26, the service fee of K0.25t will apply.

Faunt further explained that the change would enable cheaper transactions for BSP’s Kundu Standard customers.

“It will then save time and money,” he stated.

“As more goods and services are purchased in stores using various electronic channels such as EFTPoS,  providing a cheap and convenient payment option will encourage customers in paying for goods at the store and withdrawing cash at the checkout using the EFTPoS terminal without BSP charges, rather than withdrawing cash from an ATM,” added Faunt.

“Recently, BSP has reduced EFTPoS branch withdrawal fees to K2, and the fees on mobile topups, and will continue to make banking more accessible, cheaper and safer for its customers through its products, electronic channels and extensive network of branches across Papua New Guinea.”

EFTPoS transaction on BSP’s Kundu Package account are fee free with an all up monthly fee of K9.50 that allows for unlimited EFTPoS, ATM and branch transactions.

While providing more affordable banking products and services, BSP also offers fee-free accounts with competitive interest rates, which includes its Plus Saver Account, Sumatin Account and Kids Savings account.

Press release