Dutch Pin banking system to disappear

Dutch banks are to switch from the current Pin automatic payment system to a more expensive international system, the Financieele Dagblad reports on Monday.

The paper says the agreement ends years of dispute with the Dutch retail sector which fears the new system will cost them more.
Banks and retailers have now agreed that the fee for each direct debit payment will be frozen at current levels for the next five years.
‘International systems are more expensive than Pin but if we can put limits on that, the main obstacle has been removed,’ Henk van den Broek, of the retail association told the paper.
Last year, 1.75 billion payments were made using the Pin system. Consumers will not notice any changes when the switch is made.

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