Bullock blasts banks as she presses to end card surcharges
He said the real argument of the change fees and the money of banks and card providers earn from them.
“They are still making money from this.
“They provide these services, these cards and earn their money back in various ways and reducing fraud protection to save and save money and save money will not be good for them and will not be good for the payment system.
“I don’t think this is something we can see in a realistic way.”
He warned RBA’s suggestions that competitors may encourage provider to reduce incentives such as frequent flight points on credit cards.
Bullock said that the interruption of these incentives would be dependent on the provider, and that people who often accumulate brochure points, consumers who use bank cards for payments – usually lower and young people – said that they are effectively subsidized.
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“It provides funds for richer, higher income people to get loyalty scores. This pays high prices? Consumers, young people, young people who do not use credit cards, young people [those you use] Bank cards. “
Under the law this year, companies that cannot be detected or prevent fraudsters and frauds in a reasonable way face up to 50 million dollars of fines.
Bullock said he believes that the prevention of fraud is a cost that can be covered by exchange fees.
Jerome Laxale, a member of the workers’ deputy and committee, said that the reserve bank called the banks and card exporters “ugly and misleading threats ..
“RBA, as a result of prohibiting additional wages of the government, to reduce the investment of fraud and fraud protection, the threats of banks effectively called ‘nonsense’,” he said.
“Fraud and fraud is not optional.
However, Simon Birmingham, Chairman of the Australian Banking Association (ABA), said that the proposals of the Reserve Bank will reduce a revenue resource that pays for fraud prevention with consumers who have to finance the payments that pay more places.
“What RBA does not think is whether consumers will meet the alternative of higher preliminary wages and shorter interest -free periods, most of the remaining exchange fees are siphon to foreign multinational companies such as Apple and Google.”
“Aba believes that there are better ways to prohibit and help small enterprises that we encourage RBA to adopt.”
Posts to RBA for their proposals closed in August. It plans to complete a final report and to reveal a timeline to present changes in the payment system by the end of the year.
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