NETS faces competition? What competition?

Nets' chief executive officer Poh Mui Hoon said that Nets has 'no choice' but to increase fees to ensure that banks will continue issuing their cards.

There are some 600,000 debit cards in use in Singapore now and as these pay better revenue, the banks prefer to issue them. If Nets does not offer the issuers better rates, it will disappear from the scene, like domestic debit schemes in Portugal and Belgium did, she added.

Does she think we are stupid or what? Banks will stop issuing NETS card? What NETS card? You mean the one we use to draw money from ATMs? So banks are going to stop issuing ATM cards? The first bank that tries that will see a run on their bank as deposits are withdrawn and accounts are closed.

NETS is owned by the banks (DBS, OCBC, & UOB) so the argument is that NETS is in competition with itself (the debit cards) so need to raise fees?

And so what if they haven't raised rates in 22 years? As someone else has pointed out, these are rates, it grows as the turnover increases.

I'm moving my money to Citibank. They have ATMs at every MRT station. That's pretty convenient.