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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.
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.
