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debit card

CashFinTechCBDCRegulationA2AReportingNPPAP+BECSChequeLCROpinionBanksMerchant FeesFeesAnalysisRBASurchargingcredit carddebit cardInflationMobile Wallet
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60,000 cards may be impacted by eftpos mobile glitch on New Year’s Eve
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60,000 cards may be impacted by eftpos mobile glitch on New Year’s Eve

Banks are asking 60,000 consumers to delete and reload their debit cards in mobile wallets, to ensure they still work from News Year’s Day.

RegulationRegulation
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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.

CashCash
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Get some rest during the holidays because 2025 will be a big year for payments
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Get some rest during the holidays because 2025 will be a big year for payments

Some well-earned rest may be needed for payments industry executives and policy boffins over the holidays, before they face a very busy 2025.

CashCash
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Mobile payments used to be less 'painful' than using cash. That might be changing.
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Mobile payments used to be less 'painful' than using cash. That might be changing.

The act of handing over hard-earned cash has long been associated with pain. And historically, research has also found that consumers tended to spend less using cash rather than a payment card.

credit cardcredit card
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payFURL partners with Mastercard to launch comprehensive suite of innovative payment solutions
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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.

RegulationRegulation
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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.

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
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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
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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.

Merchant FeesMerchant Fees
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Canberra coy on legality of its pricey debit card surcharges, after announcing merchant ban
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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.

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VISA reports $35.9 billion revenue
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VISA reports $35.9 billion revenue

This week Visa reported revenue in the fiscal full-year 2024 was $35.9 billion, an increase of 10% YOY, driven by “growth in payments volume, cross-border volume and processed transactions”.

Merchant FeesMerchant Fees
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Governments across Australia scramble on surcharging after NSW unplugs “illegal” consumer fees
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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.