Kuwaiti banks are considering imposing fees on internet transfers as they strive to balance the increasing cost of digitalization. Online transfers between banks are presently free, but with growing investment in financial technology, banks are looking for a way to support these developments.
The suggested charges may be applicable on interbank transactions that are done through online banking portals and mobile applications. The action follows the trend worldwide where banks charge nominal amounts as fees for online services to boost cybersecurity, infrastructure, and customer service. The question, however, is how much customers might have to pay.
Experts in the industry indicate that although the charges might first meet resistance from the public, they could end up enhancing banking services in the long term. Banks maintain that ensuring smooth, secure, and innovative online services demands ongoing investment, and implementing charges might be the only way to continue such initiatives.
Kuwaiti authorities will consider the proposal before officially implementing it. Customers, however, are closely observing what is happening to know how this prospective change could affect their banking experience.
