There is an end in sight for consumers getting hit with sneaky surcharges when they pay on card, with the federal government prepared to ban the practice by 2026, promising to give consumers and small businesses 'a fair go.'
The federal government says it is prepared to ban debit card surcharges from January 1, 2026, subject to a review underway by the Reserve Bank.
With the pandemic accelerating the use of cards instead of cash — only 13 per cent of Australians use cash, dropping from 27 per cent in the past five years — these extra charges have become mainstream."It might seem like a small charge every time you tap and go, but it punches a big hole in your wallet at the end of the year when you add up all of those fees," Mr Jones said.
Stephen Jones said the government would wait for an RBA review to finish, but wanted to send a message to payment providers.The Australian Banking Association has previously told the ABC that bank fees and charges have been reducing every year across the last decade and there is an option for businesses to use least-cost routing so payment terminals automatically default to the cheapest surcharge.To crack down on the surcharges, the government has committed $2.
Debit Cards Card Surcharges Stephen Jones
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