US Edition
Businesses to Save $90m a Year as ComCom Tackles Interchange Fees
AUSTRALIA, JUL 15 – The Reserve Bank of Australia aims to save consumers and businesses $1.2 billion annually by banning surcharges and lowering interchange fees on card payments.
- The Commerce Commission lowered interchange fees for Visa and Mastercard payments in 2025, aiming to save New Zealand businesses about $90 million annually.
- This decision extends the fee limits introduced in 2022, which previously resulted in annual savings of $140 million by addressing high card payment charges and concerns over excessive surcharging.
- The regulation targets expensive credit and foreign-issued card fees but exempts commercial and prepaid cards due to insufficient information, while also encouraging payment providers to support businesses' cost understanding.
- Commerce Commission chair John Small stated this action balances cost reduction with maintaining incentives for fintech innovation and will leave merchants with $90 million more annually, while Restaurant Association CEO Marisa Bidois called it a "very welcome move for our industry."
- The commission plans to explore regulation addressing excessive surcharging, noting the overall interchange fees cost businesses about $1 billion, and Bidois said they will watch closely to prevent fee shifts undermining business savings.
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Total News Sources27
Leaning Left1Leaning Right5Center5Last UpdatedBias Distribution45% Center, 45% Right
Bias Distribution
- 45% of the sources are Center, 45% of the sources lean Right
45% Right
C 45%
R 45%
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