One of Australia’s largest banks has called for an unwinding of the “blended” pricing structures that push retailers to impose surcharges on everyday debit card users who wear the cost of paying for airline points and other perks promoted by credit card schemes.
The intervention from Westpac comes as the Reserve Bank starts a review of the payments system, with a focus on the ubiquitous card surcharges which retailers pass onto consumers at the point of sale.
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Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au