Banks back scrapping card surcharges for consumers
Australian banks strongly support the prohibition of additional fees of bank and credit card, but want the reserve bank to rethink the proposed limit on paid trader payment card exporters.
In July, RBA advises customers to charge customers because they accept credit and debit cards, while reducing the wages they have to pay to customers’ card -exporters balances this cost for businesses.
The Australian Banking Association said that on Tuesday, RBA said that the additional fee frame of Australia was “clearly broken” and reform was needed in a 70 -page presentation.
“Although the additional charging is right in the past, the Association has become increasingly burdensome for Australian consumers, and has become more opaque, and has left the goal of providing more original market efficiency,” he said.
ABA CEO Simon Birmingham said that consumers should be certain in the safe and that the ban on additional wages is delayed.
However, RBA’s proposal to limit Australia’s low wages to traders’ payment card exporters will cause the most comprehensive transformation of the payment economy in twenty years without an undefined basis.
Aba, RBA’s limit on these “intersection fees” for domestic credit cards for the proposal to reduce the transaction value from 0.8 percent to 0.3 percent, while damaging the businesses, he said.
The Banking Association said it would benefit the multinational payment technology and payment companies. In the Apple Pay sample, the new change cover will glide a significant portion of the wage earned in wallet transactions in the open sea.
The Association said that the reduced intersection free cover will reduce the benefits offered to consumers such as interest -free periods used to manage their invoices among the wage cycles of Australia’s 17 million card holders.
The Association said that RBA’s concerns about the impact of exchange fees on small enterprises is more targeted.
While supporting the prohibition of additional wages, the movement questioned whether the movement would result in savings for household peoples because traders would only increase prices.
RBA’s approach deals with a change of notebook on how to recover costs like a real income earnings for consumers, which is not like this. ”
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