- PayDay News
- Archive
- Page 8
Find a post
RBA explores wholesale CBDC, while a retail option is put on ice for now, report
No clear public interest case to issue a retail central bank digital currency (CBDC) has yet to emerge in Australia, while a wholesale offering is more promising, according to a new report from The Reserve Bank of Australia (RBA) and Treasury.
ACCC weighs in on surcharging ... wait, what?
After only using its current powers to stop excessive card surcharging a handful of times since the rules were introduced in 2016, ACCC Chair, Gina Cass-Gottlieb, has described the issue as “complex” in the context of the Australian payments system.
Canberra coy on legality of its pricey debit card surcharges, after announcing merchant ban
Two weeks after the Albanese government vowed to crack down on merchant surcharges on debit cards, it won’t say whether Commonwealth departments and agencies are breaking the law by levying citizens with those same surcharges - some of which are among the highest fees for big merchants in market.
Mandala embeds cross border transaction compliance
A new multi-jurisdictional project demonstrates how technology can make it easier for banks to meet the various regulatory requirements which underpin the safety of cross-border payments, according to Reserve Bank of Australia (RBA) Assistant Governor Financial System, Brad Jones.
It’s time! Mandate Least Cost Routing ... properly, Ombudsman
The Australian Small Business and Family Business Ombudsman, Bruce Billson, has called for Least Cost Routing (LCR) of debit card payments to be mandated by the Reserve Bank of Australia, comparing the current system to expensive and unnecessary toll roads.
Governments across Australia scramble on surcharging after NSW unplugs “illegal” consumer fees
Scores of state and Federal government authorities across the country could have illegally surcharged Australians hundreds of millions of dollars to recoup merchant fees, following revelations that the New South Wales government has legal advice which indicates the practice is unlawful when applied to some government services.
