RBA to scrap card surcharges including eftpos, Mastercard and Visa
- 13 hours ago
- 1 min read
The Reserve Bank of Australia has announced sweeping changes that will remove surcharges on debit, prepaid and credit card payments.
The ban will apply to networks including eftpos, Mastercard and Visa, and is expected to start from October 1, 2026.
Consumers are tipped to save around $1.6 billion a year, while businesses could cut about $200 million in surcharge costs.
RBA Governor Michele Bullock said surcharges are no longer effective, with many people unable to avoid them.
What’s changing:
No more card surcharges at checkout
Lower transaction (interchange) fees for businesses
New caps on fees for international card payments
More transparency, with providers required to publish their fees
The RBA says the price you see will now be the final price you pay.
However, some experts warn businesses may increase prices to cover the costs instead of adding a surcharge.
Industry groups say small businesses, which operate on tight margins, could feel the pressure most. Others argue the changes will make pricing simpler and fairer.
Treasurer Jim Chalmers welcomed the move, saying it will improve transparency and create a more efficient payment system.
The reforms follow 18 months of consultation and are expected to reshape how Australians pay for everyday goods and services.
Source : ABC News
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