Apple Pay at risk as end of card reward programs as we know them looms
Far-reaching RBA proposals to change how credit card payment processing is paid for blindsided banking executives last week. The pushback is about to begin.
Strap in for a round of sparring as big banks prepare to push back on the Reserve Bank of Australia’s proposed overhaul of the payments market.
The far-reaching proposals, released in an RBA consultation paper last week, blindsided bank executives who weren’t expecting such a savage reduction in interchange fees. These are the fees that flow between a merchant or retailer’s bank and a cardholder’s financial institution when a Visa or Mastercard transaction is processed.
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Joyce Moullakis is an Associate Editor writing across company news, policy issues, investment banking, private equity and financial services. Connect with Joyce on Twitter. Email Joyce at joyce.moullakis@nine.com.au
