New Zealand's Commerce Commission consults on reducing Visa/Mastercard fees, aiming to save NZ$250m annually.

New Zealand's Commerce Commission has announced a consultation on reducing payment fees for Visa and Mastercard, aiming to save consumers around NZ$250 million annually. The move follows the introduction of the Retail Payment System Act 2022, which allows the Commission to recommend tighter direct regulation. The regulator's goal is a 1.5% to 2% surcharge for domestic credit card contactless or online payments.