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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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[–] regularbum@aussie.zone 10 points 1 day ago (2 children)

I feel like this will just hide to regular folk how much we are just giving away to visa and Mastercard and lessen the popularity for a public payment network (similar to the one Europe is building).

[–] Fetus@lemmy.world 4 points 1 day ago (1 children)

From your article:

The final part of the reforms is to increase transparency and competition over fees, with eftpos, Mastercard and Visa to publish the fees they charge.

[–] regularbum@aussie.zone 6 points 1 day ago

I’m talking about the part where fees are essentially hidden to consumers (but not to businesses). This separate change you mentioned will still be good, but doesn’t negate that fees are now hidden.