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RBA bans bank card surcharges from October
Published 3 weeks, 2 days ago
Description
The Reserve Bank of Australia has announced a ban on bank card surcharges for debit, prepaid and credit cards on EFTPOS, MasterCard and Visa networks, effective from 1 October this year. The decision is expected to save Australian consumers $1.6 billion, with the RBA also lowering the cap on interchange fees to ease the impact on businesses. Small business groups, including the restaurant, catering, hotel and retail sectors, have condemned the changes, arguing the ban simply shifts fees from customers to merchants without addressing underlying systemic issues in the payment system.
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