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RBA Suggests Introducing More Competition to Bring Down Card Surcharge Costs

RBA Governor Michele Bullock admitted the bank did not have power to investigate payment service providers’ over-surcharging.
RBA Suggests Introducing More Competition to Bring Down Card Surcharge Costs
A supplied undated image obtained on Dec. 6, 2019, shows a eftpos machine being used with a smart watch. AAP Image/Supplied by Tyro
Alfred Bui
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The Reserve Bank of Australia (RBA) says introducing more competition could help deal with the problem of excessive surcharging by electronic payments.

At a recent parliamentary inquiry hearing, a member of the Standing Committee on Economics raised concerns that some merchant service providers were charging more than average rates.

Alfred Bui
Alfred Bui
Author
Alfred Bui is an Australian reporter based in Melbourne and focuses on local and business news. He is a former small business owner and has two master’s degrees in business and business law. Contact him at [email protected].