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Businesses, Australian consumers, a reserve bank proposal, which is estimated to save $ 1.2 billion every year, will be banned from all credit and debit card transactions as of July next year.
On Tuesday, RBA issued a series of reforms aimed at reducing fees for both consumers and traders, and published a series of reforms to implement a series of reforms to print on the details of higher wages on credit card companies and financial players.
The proposal may increase Australian consumers to $ 1 billion per year.Credit: Getty Images/Istockphoto
RBA’s proposal to stop wages in credit and debit card transactions, which will now be subject to an industrial advisory window, goes further than the reforms in which the Albanian government has previously discussed for banning additional wages in bank cards.
For years, businesses have been able to apply additional fees to credit and debit card payments, but the amount does not need to exceed the cost of a business to process payment.
Although the average additional fees are about 0.7 percent of the transaction, it varies between 0.1 and 10 percent.
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According to the preliminary view, RBA, EFTPOS, Visa and Mastercard proposed to prohibit all additional fees for consumers using Mastercard – applying rules to American Express will now be based on separate reforms for the payment law on the horizon – “Draging no longer achieves the purpose of the guidance consumers to make more effective payment choices”.
RBA said, “As the use of cash decreases, it becomes difficult to avoid additional wages, and the businesses are increasingly demanding the same additional wage rate during the bank and credit card and there are significant challenges.”
RBA decided to include credit cards in the additional fee after the first problems published in October, when the cost of payment service providers will only be more costly, time -consuming and confusing than a proper prohibition.
