RBA to remove surcharges on debit, credit cards and card networks
www.abc.net.au
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.

  • fizzle@quokk.auEnglish
    18·
    6 days 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.