Greg Harford: Paywave fees clampdown will save retailers $74 million each year
May 12, 2021 ·
2m 56s
The price of goods could ease with merchant fees reduced. Banks charge businesses merchant fees for the use of credit and debit card facilities. Interchange fee will now be capped...
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The price of goods could ease with merchant fees reduced.
Banks charge businesses merchant fees for the use of credit and debit card facilities.
Interchange fee will now be capped at 0.8 per cent for credit card transactions -- in line with Australia.
Online debit card transactions will be capped at 0.6 percent.
Greg Harford from Retail NZ says Paywave costs should fall as a result of today's announcement.
"Smaller retailers in particular are often paying a bundled rate that applies to all transactions... and those fees tend to be set at a relatively high level.
"It's really good news that the Government is taking these divisive steps."
LISTEN ABOVE
show less
Banks charge businesses merchant fees for the use of credit and debit card facilities.
Interchange fee will now be capped at 0.8 per cent for credit card transactions -- in line with Australia.
Online debit card transactions will be capped at 0.6 percent.
Greg Harford from Retail NZ says Paywave costs should fall as a result of today's announcement.
"Smaller retailers in particular are often paying a bundled rate that applies to all transactions... and those fees tend to be set at a relatively high level.
"It's really good news that the Government is taking these divisive steps."
LISTEN ABOVE
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