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RBA to remove surcharges on debit, credit cards, card networks including eftpos, Mastercard and Visa (www.abc.net.au)

submitted 1 day ago by regularbum@aussie.zone to c/australia@aussie.zone

7 comments fedilink hide all child comments

From summary:

In short:

The RBA will remove surcharges on debit and credit cards, saving consumers and businesses about $1.8 billion each year.

The package of reforms also includes lowering the caps on interchange fees paid by Australian businesses, with a focus on small businesses currently paying the highest fees.

What's next?

Most of the reforms are due to take effect from October this year.

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[–] fizzle@quokk.au 17 points 1 day ago

Importantly, [removing surcharges] also represent a structural shift in the market towards greater transparency and stronger competition, creating an environment that plays to Tyro's unique strengths.

LOL what? This is some a-grade bullshit.

In the before times, there were no "surcharges". If the price on the menu was $10 then the charge on your card was $10.

Then Tyro appeared and said to cafes and restaurants, we can add our fees on top of the charge. So the price is $10 but the customer pays $10.15.

IMO, Tyro instigated the practice of surcharging.