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Independent Payments News Australia
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Interchange regulation alone won’t be enough to tackle card fees
Interchange fees have long been the focal point for regulators seeking to control merchant payment costs. However, mounting evidence suggests that regulating these fees alone has been insufficient to curb overall payment expenses that are now estimated at $6.4 billion each year in Australia.
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Fees charged by card schemes under increased regulatory scrutiny around the world
The giants of the payment card industry, Visa and Mastercard are under an intensifying spotlight in a range of jurisdictions, including the UK, EU and Australia, with a key focus on the opaque scheme fees these companies dictate to banks and merchants. At least 80% of these fees are borne by merchants.
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Fees charged by card schemes under increased regulatory scrutiny around the world
The giants of the payment card industry, Visa and Mastercard are under an intensifying spotlight in a range of jurisdictions, including the UK, EU and Australia, with a key focus on the opaque scheme fees these companies dictate to banks and merchants. At least 80% of these fees are borne by merchants.
payFURL partners with Mastercard to launch comprehensive suite of innovative payment solutions
payFURL has partnered with Mastercard to support the roll-out of three cutting-edge, innovative payment solutions in Australia: Mastercard Click to Pay, Mastercard Secure Card on File and Mastercard Payment Passkeys Service.
Westpac backs scheme fee cap and dissecting blended pricing
Westpac has taken aim at the “complex” fees charged by card schemes like Visa and Mastercard, as well as controversial “blended” pricing plans imposed on many small businesses, in a comprehensive response to the Reserve Bank of Australia’s inquiry into merchant fees and surcharging.
