Banks in China waives online banking transfer fees for individual customers. [File Photo: pconline.com]

Many banks here in China have been waiving their online banking transfer fees for individual customers transferring money using electronic channels, including online banking, mobile banking and at ATM's.

The move is aimed at countering the punitive costs of third-party payment services.

So far, many joint-equity commercial banks, such as China CITIC Bank, Bank of Beijing, China Zeshang Bank, have implemented the policy as a means of attracting new clients.

Industry insiders say more banks are likely to follow suit in the near future.