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RegulationRegulation
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High card fees for small business under attack in RBA review
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High card fees for small business under attack in RBA review

The urgent need to reduce card fees for Australian small business was a strong theme in early submissions to the Reserve Bank of Australia’s inquiry into card fees and surcharging this week.

RegulationRegulation
+1+1
BNPL legislation gets up, while other payments reform still in limbo until 2025
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BNPL legislation gets up, while other payments reform still in limbo until 2025

Buy Now Pay Later (BNPL) reform has passed through the Parliament, while other key payments legislation will not be dealt with until 2025.

CashCash
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CBA slammed for new cash withdrawal fee at branches and post offices
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CBA slammed for new cash withdrawal fee at branches and post offices

The Assistant Treasurer has lashed out at the Commonwealth Bank’s decision to charge some customers $3 for withdrawing cash at its branches and post offices or over the phone.

RegulationRegulation
+2+2
Feds to ban some departments from debit surcharging following review into legality
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Feds to ban some departments from debit surcharging following review into legality

The Federal Government today announced it will stop passing on debit surcharges from the ATO and Services Australia from 1 January 2025.

Merchant FeesMerchant Fees
+2+2
A cool $6.4 billion evaporates in cloud of merchant fee mystique
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A cool $6.4 billion evaporates in cloud of merchant fee mystique

Businesses incurred $6.4 billion in annual merchant fees just for accepting debit and credit cards during the 2022/2023 fiscal year across Australia, but it is almost impossible to track where all the money went.

FintechFintech
+1+1
TNS takes reigns of “secure, stable and efficient” COIN
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TNS takes reigns of “secure, stable and efficient” COIN

The migration of the underlying network of COIN (Community Of Interest Network) from Telstra to Transaction Network Services (TNS) is now complete, according to TNS.

CashCash
+1+1
Government to mandate cash for essentials, while phasing out cheques
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Government to mandate cash for essentials, while phasing out cheques

The Albanese Government this week announced it was taking action so Australians can continue to pay with cash for essential items if they want to, while also ensuring an orderly transition to phase out cheques.

Monthly Payments Data Report
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Monthly Payments Data Report

The RBA released it's Retail Payments data as at September 2024 on the 7th of November, including key quarterly stats on Merchant Fees. Here are the latest results.

RBA Governor says options on surcharging expected mid-2025
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RBA Governor says options on surcharging expected mid-2025

The Governor of the Reserve Bank of Australia (RBA) Michele Bullock today said card surcharging is a “complicated topic” and the Bank intended to publish its recommendations about whether or not to ban the practice by mid-2025 after “proper consultation”.

Debit fees remain static despite interchange caps and massive volume increase
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Debit fees remain static despite interchange caps and massive volume increase

Average debit transaction fees have remained static over the past 10 years, despite regulatory intervention to reduce costs in the form of interchange caps, and a massive increase in volume.

A brief history of heavy lifting in Aussie Payments
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A brief history of heavy lifting in Aussie Payments

Some of the challenges we face in payments today pale into insignificance when we look at the history of our industry in Australia.

Zepto partners with Stake on recurring investment deposits using PayTo
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Zepto partners with Stake on recurring investment deposits using PayTo

Zepto has announced a partnership with online investment platform Stake to help facilitate its Recurring Investment product via PayTo over the New Payments Platform (NPP).

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