RBA to remove surcharges on debit, credit cards, card networks including eftpos, Mastercard and Visa
RBA to remove surcharges on debit, credit cards, card networks including eftpos, Mastercard and Visa
www.abc.net.au
RBA to remove surcharges on debit, credit cards and card networks
The removal of surcharges on debit and credit cards is one of the sweeping reforms from the Reserve Bank.
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.