Posts tagged "retail transaction fees"

The Reserve Bank of Australia has given breathing room to the major banks and payment service providers failing to promote least-cost routing among merchants, saying they have until June 2024 to boost merchant uptake before facing a regulatory crackdown.

Australia's smallest businesses are saddled with card transaction fees triple that applied to major corporations and the take-up of cheaper options remains "disappointingly low", according to the Reserve Bank of Australia.

Ten industry associations representing Australian SMEs have penned an open letter, demanding urgent action be taken to avoid higher transaction costs for Australian retailers.