Who Pays For Card Payments? You Pay Of Course!

Electronic payments have taken over the lions share of transactions across Australia though around 15% of transactions are still cash, and its remaining a critical choice for people. But the dirty secret is that these electronic payments channels are costing people, via undisclosed or only partially disclosed fees. Once again, the financial sector players are profiting from the payments revolution, at our expense. Now the RBA released a consultation paper as part of its Review of Merchant Card Payment Costs and Surcharging. This follows an extensive public consultation process since the release of an Issues Paper in October 2024. The […]