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
- 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
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
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
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.
- Updated
- James Eyers
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.
- James Eyers
- Updated
- Payments
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.
- Updated
- James Eyers
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.
- James Eyers
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.
- James Eyers
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.
- James Eyers
July 2023
Give Reserve Bank power over Google and Apple payments, CBA urges
Under current rules, the central bank cannot demand data from technology firms, subject them to price regulation, or impose rules relating to smartphones access.
- James Eyers
May 2023
Woolworths rolls out a big change to the way people shop
The supermarket giant is the first big business to adopt PayTo, which reduces payment costs by bypassing credit card rails controlled by Visa and Mastercard.
- James Eyers
March 2023
Mastercard joins CBA backing a Brisbane start-up modernising payments
The AFR Banking Summit on Tuesday will delve into some significant changes looming for how payments are made, triggering strategic deals by big players.
- James Eyers
February 2023
- Analysis
- BNPL
BNPL regulation perfect opportunity to clean up credit law mess
Not even the infamous ‘wagyu and shiraz’ case clarified what exactly lenders need to do to check the creditworthiness of borrowers.
- James Eyers