Surcharge ban won’t end scrutiny on payment costs, RBA warns
The Reserve Bank of Australia has implemented a ban on card surcharges to alleviate costs for consumers. Regulators are now shifting their focus to investigate the broader payment costs imposed on small businesses by banks and payment providers.
Why it matters
This policy change directly impacts consumer spending habits and forces a re-evaluation of fee structures within the Australian financial services sector.
– 5.00am A ban on card surcharges is a win for consumers, says the Reserve Bank of Australia and the Labor MP who championed the move, while putting banks and payment services providers on notice that their focus will now turn to the cost of payments for small businesses.
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