Surcharging

Surcharging

CashPSPFintechSchemeACCCCBDCPayToOnlineRegulationDigitalA2AReportingNPPGovernmentTap and PayAP+BECSOutagesPlatformChequeLCROpinionBlended pricingBanksAIScamsCryptoMerchant FeesTreasurerCybercrimeTransitIdentityAnalysisRBASurchargingcredit carddebit cardBank@PostInflationMobile WalletFinancial crimepre paid cardsATMStart-upsFraud
PSPPSP
+5+5
Chalmers ready to pull the trigger on merchant fee reform
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Chalmers ready to pull the trigger on merchant fee reform

The clock is already ticking for the Albanese Government to lower merchant service fees and ban surcharging on debit transactions - two of the Labor Party’s policy pledges at the recent federal election.The legislative reforms create wide-ranging discretionary powers for the Treasurer to regulate payments system participants.

Merchant FeesMerchant Fees
+1+1
Businesses face fines of up to $2m in ACCC surcharge crackdown
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Businesses face fines of up to $2m in ACCC surcharge crackdown

After years of inaction on card surcharging, the Australian Competition and Consumer Commission (ACCC) has chosen the final week of the election campaign to warn small business it’s cracking down - despite nothing being done about the high fees they are charged by banks and PSPs compared to big business.

Tap and PayTap and Pay
+2+2
Xero and MYOB dive into busy small business POS surcharging market ahead of RBA decision
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Xero and MYOB dive into busy small business POS surcharging market ahead of RBA decision

Australia’s most popular small business accounting outfits, MYOB and Xero, are diving into the turbulent waters of the busy Point of Sale (POS) payments market, with new mobile payments apps complete with hefty surcharges.

PSPPSP
+6+6
Payments sector shake up looming ahead of RBA findings
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Payments sector shake up looming ahead of RBA findings

Australia's payments sector is bracing for significant upheaval ahead of regulatory change this year, with market consolidation and cashed up new entrants set to reshape the landscape.

GovernmentGovernment
+2+2
Federal Government debit surcharges continue, despite proposed ban
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Federal Government debit surcharges continue, despite proposed ban

Aussies are continuing to cop debit card surcharges for Federal Government services such as new passports, visas and national parks entry, despite a proposed ban.

GovernmentGovernment
+6+6
MP urges Treasurer and RBA to act on blended debit card pricing
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MP urges Treasurer and RBA to act on blended debit card pricing

A Labor backbencher has written to the Treasurer and Reserve Bank of Australia demanding they close a “regulatory loophole” that enables payments service providers to charge “excessive” fees via blended rates.

PSPPSP
+6+6
RBA looking closely at “free” blended rates business model
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RBA looking closely at “free” blended rates business model

The Governor of the Reserve Bank, Michele Bullock, says the marketing of blended card fees as a free service to merchants is an “unexpected consequence” of the current surcharging rules that is being carefully considered.

FintechFintech
+7+7
IPF wants action on merchant fees after record increases
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IPF wants action on merchant fees after record increases

The cost of card fees levied on businesses is at record levels, forcing higher surcharges for consumers in a cost of living crisis, according to the Independent Payments Forum (IPF).

RegulationRegulation
+5+5
Interchange regulation alone won’t be enough to tackle card fees
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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.

RegulationRegulation
+5+5
Law Council advocates transparency in card payments fees
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Law Council advocates transparency in card payments fees

The Law Council of Australia has lodged a submission with the Reserve Bank of Australia, calling for greater transparency of wholesale fees and warning that a ban on surcharging will result in higher prices for consumers.

RegulationRegulation
+6+6
Fees charged by card schemes under increased regulatory scrutiny around the world
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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.

RegulationRegulation
+7+7
Westpac backs scheme fee cap and dissecting blended pricing
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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.