Australian central bank proposes caps on card fees
Small businesses pay “substantial” surcharges during debit and credit card transactions, says RBA
The Reserve Bank of Australia (RBA) is considering further regulatory measures to limit surcharges on debit and credit card transactions.
In a consultation paper published today (October 15), the central bank said merchants were facing increased costs from card transactions as consumers ditched cash. It noted that small businesses on average paid three times as much per transaction as larger merchants.
“It is timely, therefore, to review whether regulatory settings could be adjusted to put further
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