Australia to ban card surcharges and lower payment fees
The Reserve Bank of Australia will end card surcharges from October 1 and lower interchange fees. This move is expected to save around A$2.5 billion a year.
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Australia is preparing to implement a ban on debit and credit card surcharges beginning October 1, a policy shift estimated to save consumers and businesses a combined A$2.5 billion annually. The Reserve Bank of Australia (RBA) finalized this decision after a year-long investigation into the country's payment infrastructure.
