LTFRB orders zero additional fees on cashless payment modes for PUVs

The Land Transportation Franchising and Regulatory Board (LTFRB) issued a directive that would prohibit any additional fees for the purchase of beep cards on public utility vehicles (PUV).

The regulator issued Memorandum Circular (MC) 2020-057 following the government’s stance to remove any fees on top of the fare load.

From MMDA FB Bus
From MMDA FB Bus

Based on MC 2020-057, the LTFRB “deems it necessary to order PUV operators and the automatic fare collection system (AFCS) providers to the cost of the card” so as the commuting public not to shoulder any additional burden when taking the public transport.”

Issued October 6 and will be effective tomorrow (Friday, October 9), the latest directive from the LTFRB followed the string of complaints and reports about added payment as high as P80 charged fee for Beep card purchases.

LTFRB
LTFRB

The board also cited in the circular that President Rodrigo Duterte dipped his finger

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Google defers Indian in-app fees after angry startups complain

By Aditya Kalra and Nivedita Bhattacharjee

NEW DELHI/BENGALURU (Reuters) – Alphabet Inc’s Google has extended its deadline for Indian app developers to comply with a new billing system for commission fees by six months, it said on Monday, days after local startups voiced anger about the charges.

Google will now enforce its global policy more strictly and charge a 30% commission fee for in-app purchases from Indian developers from March 31, 2022, the company said, saying it was “being mindful of local needs and concerns”.

The move comes after many startups in India banded together to consider ways to challenge the company by lodging complaints with the government and courts over the original deadline for compliance of Sept. 30 next year.

They were upset about the commission fee and also criticised several other Google Play Store policies for hurting their businesses.

“We do not succeed unless our partners succeed,” Google

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Asia’s capital raising rush delivers record fees for banks in third quarter

HONG KONG (Reuters) – Asia’s equity capital markets generated a record pay day for investment bankers in the third quarter, bolstered by surging appetite for technology deals and a rush to list on China’s new STAR Market, Refinitiv data showed.

Asia Pacific, including Japan, saw bankers garner $3.6 billion in equity capital market (ECM) fees in July-September, up 145% from the same period a year earlier. The previous peak was $3.5 billion in the fourth quarter of 2009.

Bankers are also preparing to fatten their pay packets when Ant Group raises up to $35 billion in a dual listing in Hong Kong and Shanghai likely in October.

“Global capital markets are working. An enormous amount of money is available worldwide,” said Aaron Arth, head of the Asia ex-Japan financing group at Goldman Sachs. “All signs point to a steady desire and need for capital.”

Total equity market capital raised in

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Apple won’t collect fees on paid Facebook events until 2021

Now, Apple has agreed to let Facebook Pay process all paid online event purchases. This means Facebook can absorb the cost, and Apple won’t get a cut. But this agreement only lasts until December 31st.

“Apple has agreed to provide a brief, three-month respite after which struggling businesses will have to, yet again, pay Apple the full 30 percent App Store tax,” a Facebook spokesperson said. Facebook will not collect fees until August 2021.

The other big catch is that Facebook Gaming creators are left out of the deal. They’ll still have to hand over 30 percent of earnings that come through the iOS app.

“Apple’s decision to not collect its 30 percent tax on paid online events comes with a catch: gaming creators are excluded from using Facebook Pay in paid online events on iOS,” said Vivek Sharma, VP of Facebook Gaming. “We unfortunately had to make this concession

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Apple will temporarily stop taking a 30 percent cut on Facebook event fees

Earlier this year, Facebook launched a new feature that let small businesses create paid online events. The company framed it as a way of helping organizations struggling with lost revenue during the pandemic, and said that because of the exceptional circumstances, it would not collect any fees on purchases for these events until August 2021.

But the social network also stressed that any payments made on iOS would be subject to Apple’s standard 30 percent platform fees, noting this meant less money for small businesses. As Fidji Simo, head of Facebook’s main app, said at the time: “We asked Apple to reduce its 30% App Store tax or allow us to offer Facebook Pay so we could absorb all costs for businesses struggling during COVID-19. Unfortunately, they dismissed both our requests and [small businesses] will only be paid 70% of their hard-earned revenue.”

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