New Zealand proposes cutting credit card fees for businesses, aiming to save consumers $260 million yearly.

New Zealand's Commerce Commission proposes to reduce fees for businesses accepting Visa and Mastercard payments, potentially saving consumers $260 million annually. The draft decision aims to lower the average merchant service fee from around 1.5% to 0.7%, with the expectation that businesses will pass these savings onto customers. Visa and Mastercard have expressed concerns about stifling innovation, but the Commission is seeking public feedback on the proposal until February 18, 2025.

3 months ago
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