The Reserve Bank of Australia (RBA) will remove surcharges on debit and credit cards, saving consumers and businesses about $1.8 billion each year.
The RBA’s new reforms will remove surcharges on card networks including eftpos, Mastercard and Visa.
The ban is expected to save consumers about $1.6 billion in surcharge fees each year, with businesses saving $200 million in surcharge fees annually.
RBA governor Michele Bullock says surcharging is no longer working as intended and it has become harder for people to avoid surcharges.
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