US EditionAustralia's Central Bank to Scrap Surcharges on Payments Made via Credit Cards Including Mastercard & Visa
AUSTRALIA, JUL 15 – The Reserve Bank of Australia aims to save consumers and businesses $1.2 billion annually by banning surcharges and lowering interchange fees on card payments.
- In Sydney, the Australian central bank on July 15 proposed to scrap surcharges on most debit and credit card payments, estimating A$2.4 billion in annual savings.
- With cash usage declining, Treasurer Jim Chalmers had earlier signalled a ban to ease cost-of-living pressures, reflecting a shift from cash to card payments over two decades.
- The proposal covers all transactions under EFTPOS, Mastercard and Visa networks, requires banks to publish previously hidden retailer fees, and addresses complexities from 8 million combination debit-credit cards.
- While Commonwealth Bank supports a complete surcharge ban, Westpac endorsed banning debit surcharges but favoured capping credit fees, National Australia Bank warned a full ban would force businesses to absorb costs.
- Consultation runs until August 26 with a final proposal by year's end, implementation on July 1, 2026, and networks are urged to adopt changes voluntarily with legislation as fallback.
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Australia's central bank to scrap surcharges on payments made via credit cards including Mastercard & Visa
The Reserve Bank of Australia judged that surcharges on debit and credit cards, including Mastercard and Visa, no longer achieved the intended purpose of steering consumers to make more efficient payment choices.
·New Delhi, India
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Total News Sources11
Leaning Left1Leaning Right4Center2Last UpdatedBias Distribution57% Right
Bias Distribution
- 57% of the sources lean Right
57% Right
14%
C 29%
R 57%
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