Big banks and major credit card companies face the loss of half a billion dollars in payment charges to retailers for "tap and go" transactions after the Reserve Bank said it might force them to use the cheaper Eftpos network.
The RBA is concerned retailers are paying too much for the increasingly popular payment service, and wants banks to direct them through the cheaper Eftpos network instead of the system operated by the global credit card companies Mastercard and Visa.
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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
