Australia To Ban Surcharges On Card Payments From October SYDNEY, March 31 (Bernama-Xinhua) — Australia’s central bank on Tuesday announced that surcharges on credit and debit card payments on major networks will be banned from October, Xinhua reported. The Reserve Bank of Australia (RBA) said that a review of card payment costs and surcharging concluded that removing surcharges, reducing interchange fees and increasing transparency would be in the public interest and promote competition. It said that the payment system reforms will take effect from October 1 and will save consumers A$1.6 billion Australian dollars (US$1.1 billion) in surcharge fees per year and businesses A$910 million (US$622.4 million) annually in […]

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