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.
- James Eyers
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.
- James Eyers
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.
- James Eyers
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.
- Sarah Thompson, Kanika Sood and Emma Rapaport
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.
- Updated
- James Eyers
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.
- James Eyers
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.
- James Eyers
- Exclusive
- Payments
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.
- James Eyers
- Opinion
- The AFR View
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.
- The AFR View
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.
- James Eyers, Lucas Baird and John Kehoe
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.
- James Eyers
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?
- Penny Wise
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.
- James Eyers
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.
- James Eyers
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.
- Lauren Hirsch and David McCabe
Perks, points and fees: How to choose the right credit card
Understanding the four credit card types will help you make smart choices.
- Lucy Dean
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.
- James Eyers
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.
- James Eyers
Mastercard argues cash costs more than card in bid to stymie fee limit
A Boston Consulting Group report commissioned by the global payments giant has found there are plenty of “hidden” costs to using cash, which could be reduced.
- James Eyers