The Reserve Bank of Australia is considering restricting the fees that payments providers such as banks receive for processing debit card transactions, warning the cost on businesses may be too high.
The central bank’s deliberations come as Labor prepares to ban retailers from passing on fees for debit card payments in the form of a surcharge. The ban, subject to consultation with the RBA, is an attempt to relieve pressure on family budgets in the months ahead of a federal election.
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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
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
