February
ACCC lacks power to break up blended payment plans
Gaps in the regulatory coverage of surcharging emerged during a parliamentary hearing with the consumer commission on Friday.
January
NAB helps Amazon bypass credit cards with new way for customers to pay
The bank will enable the online retailing platform to accept payments directly from bank accounts, via an Reserve Bank-backed system known as PayTo.
Mastercard and Visa resist RBA plan to force fee disclosure
The US card giants are pushing back on the central bank’s objective of making their charges more transparent.
Banks pick fight with RBA over wholesale payment fees
The central bank is considering stricter caps on “interchange fees” in its review of payment costs. Worth $2.1 billion annually, squeezing this could hurt competition.
PAG Asia Capital hires KKR deal maker for credit strategy
Sources close to PAG say Ben Hall is expected to bring a corporate focus to the sprawling alternative asset manager’s private credit division.
December 2024
Debit surcharge ban unfairly favours major banks, claims Square
The Block subsidiary introduced “blended” card payment fees which include using its software. They have become a flashpoint in the RBA’s payment cost review.
Restaurants warn fee ban will lead to prices to rise
The government’s proposal could see credit card users doubly penalised by paying higher prices, and face an additional surcharge set around 2 per cent.
October 2024
Zip banks on interest rate cuts as transaction volumes soar
The buy now, pay later group has endured a difficult two years and returned to growth, particularly in the US, where the majority of sales are processed.
Payment giants threaten to halt refunds for fraud
The two payment network giants have threatened to stop providing refunds to defrauded customers if forced to limit how much they charge for their services.
The surcharge ban must lead to lower payment costs
The policy should instead lead to real downward pressure on payment service providers to cut overall costs. The ban should be the incentive to do so.
Labor to ban debit card payment surcharges
The Albanese government is attempting to ease financial pressure on families ahead of a federal election next year. But the change could hurt small businesses.
Chemist Warehouse goes to war with card fees – using QR codes
The pharmacy and retailing giant pays $15 million in transaction costs every year. Now it has signed on to a new NAB-backed system that circumvents them.
My son is off to uni. Should I give him a credit card for emergencies?
Set clear guidelines around what constitutes an emergency. Does a late-night taxi ride home from the pub qualify?
Credit score agencies combine, creating Australia’s newest duopoly
Experian has completed its $820 million acquisition of Illion, which Experian’s CEO says will help banks assess credit risk more dynamically.
September 2024
Apple, Google respond to payment cost heat by backing eftpos
The US tech giants will enable “least-cost routing” for new cards on their smartphones to try to help merchants save costs by avoiding Visa and Mastercard.
US to sue Visa over debit card fees
The US Justice Department is preparing to file a lawsuit against the payments giant over alleged anticompetitive behaviour.
Perks, points and fees: How to choose the right credit card
Understanding the four credit card types will help you make smart choices.
RBA ‘punching itself’; Surcharging rort; Power couple offer villa
Read everything that’s happened in the news so far today.
Why you pay $5.08 for a $5 coffee
The notoriously complex area of retail payment costs is in the political spotlight, and set to force a response from the central bank. Here’s how it works.
August 2024
Bank boss outraged by 10pc transaction fee for coffee
The Reserve Bank is already scrutinising the growing practice of adding a fee to the cost of a purchase to cover the cost of processing the transaction.