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.

  • regularbum@aussie.zoneOPEnglish
    10·
    7 days ago

    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).

    • Salvo@aussie.zoneEnglish
      2·
      4 days ago

      EFTPOS and OSKO are semi-public payment methods (sponsored by the banks).

      I have now configured ApplePay to use EFTPOS rather than VISA on my debit card, where possible.

      I already pay my masseuse with OSKO because she prefers it to cash, and there are no fees.

      I will still use Credit Cards for online purchases because; Online stores only accept VISA/MasterCard (and sometimes AMEX) and the Consumer Protections provided by the Scumsuckers are actually quite good.

    • Fetus@lemmy.worldEnglish
      4·
      7 days ago

      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.zoneOPEnglish
        6·
        7 days 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.