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.
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
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.
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.
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.
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.
Card payment surcharge billions under RBA microscope
The RBA has brought forward an inquiry into card payment costs amid increased political scrutiny of the estimated $4 billion that Australians pay in fees each year.
June 2024
Mastercard’s call to save open banking
If Treasury can iron out the teething issues, the government’s consumer data right is ready for take off, according to a new report from the US payment giant.
RBA flags BNPL fee crackdown in broader probe into credit cards
The central bank’s head of payments says it will launch a review of regulations as soon as it is handed the power to do so under new legislation in parliament.
Apple to drive iPhone users towards buy now, pay later loans
The global technology giant will upgrade Apple Pay to bring buy now, pay later-style payment options to the point of sale. ANZ is the first major bank to join up.
October 2023
New RBA powers to regulate Apple, Google payments
The Albanese government will release draft legislation on Wednesday to allow the RBA to regulate Apple Pay and Google Pay like other payment services.
Float hopeful Cuscal reveals revenue and cost growth ahead of roadshow
As investor meetings for a planned November IPO kick off next week, Cuscal’s annual report provides a snapshot of the payment company’s growth and challenges.