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James leads Australia’s ‘Cash is King’ movement. He says a big change is coming
Exclusive: A surge of Australians could find themselves queueing up at the ATM to withdraw cash after a significant payments reform.
The Reserve Bank’s looming card surcharge ban is tipped to arrive with an unexpected side effect: a revival of banknotes.
The Cash is King leader said he expects more signs offering discounts or asking for cash-only after October 1. Cash is King
From October 1, businesses will be legally prohibited from charging fees for credit card and bank card sales in a move that is expected to save customers an estimated $1.6 billion.
It is widely anticipated that businesses will raise prices instead of wearing the cost themselves.
Card surcharges are banned from October 1. What’s changing at the checkout?
From October 1 this year, businesses will be banned from adding a surcharge when customers pay with a debit, credit, EFTPOS or prepaid card.
The Australian Restaurant and Cafe Association has said it “will be one of the largest changes in payments” in Australia’s history – and many small businesses “are unprepared for its arrival”.
The change follows a lengthy Reserve Bank of Australia review and decision to remove surcharging from all designated card networks (EFTPOS, Mastercard and Visa). American Express is voluntarily joining the change.
When the Reserve Bank first effectively allowed card surcharges in 2003, Australians mostly paid in cash. Cash still accounted for 69% of payments in 2007, when the central bank first began tracking payment methods usage. Back then, debit and credit cards were used for only one in four payments.
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Surcharge ban, NDIS, aged care, auction rules: All the changes coming for Aussies in October
There are a raft of changes being introduced next month by both federal and state authorities. From credit card surcharge bans to NDIS and aged care support, these will affect Australians all over the country.
Many banks and businesses have already started introducing changes for their customers, while others won't commence until next Thursday, October 1. While most will take place nationwide, some are only relevant to particular states.
Warning as cash only signs appear ahead of new ban next week
From next Thursday, consumers will no longer face surcharges when making a card payment.
When paying at a merchant, the surcharges for EFTPOS, Mastercard and Visa will no longer be able to be passed on at the point of purchase, which the RBA says currently cost consumers $1.2 billion each year.
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