Australian small businesses pay three times more on contactless card fees than large businesses, amounting to $800-$1bn annual cost.
Small businesses in Australia face significantly higher fees for electronic, contactless, and debit card transactions, paying three times more than larger businesses. This results in an estimated annual cost burden of $800 million to $1 billion. In response, the Reserve Bank is reviewing the payment system, and advocates are calling for mandatory least-cost routing to select the cheapest payment pathways, enhancing transparency and affordability for both businesses and consumers.
October 27, 2024
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