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RBA to remove surcharges on debit, credit cards, card networks including eftpos, Mastercard and Visa
The RBA has been reviewing merchant card payment costs and surcharging. (Adobe Stock)
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.
Most of the reforms are due to take effect from October this year.
The Reserve Bank of Australia has introduced reforms that will remove surcharges on debit, prepaid and credit cards on card networks including eftpos, Mastercard and Visa.
The ban is expected to save consumers about $1.6 billion in surcharge fees each year, with businesses saving $200 million in surcharge fees annually.
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