Australia Bans Card Surcharges, Saving Consumers $1.6B
Sydney News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
From October 1st, the Reserve Bank of Australia is eliminating surcharges on credit and debit card payments, potentially saving consumers $1.6 billion annually. Despite small business opposition, the move aims to simplify card payments and reduce costs, with interchange fees capped and transparency rules implemented. Loyalty programs may shrink, but the overall system is expected to become cleaner.
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