"Chinatown"-Official media of Chinese Australians

Representatives of Australian banks, airlines, supermarkets and small businesses met with the Bank of Australia (RBA) in Sydney on the morning of the 23rd to jointly study the recommendations of the Murray inquiry to reform the payment system.

The Times learned that this was the industry’s first meeting since the Bank of Australia stopped accepting recommendations on the review of the payment system at the end of April. Many large companies oppose the payment system reforms promoted by small companies. These reforms include lowering credit card fees and reducing fees.

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It is reported that merchants accepting that consumers pay by credit card and debit card must pay fees to the bank. These bank card fees are approximately A$20 billion per year, accounting for about 70/1 of the total bank card revenue of A$3 billion. Although these revenues only account for a small part of the bank's total revenue, card fees have played an important role in supporting the growing popularity of credit cards, compensating for consumer fraud losses, paying additional compensation such as interest-free payments, and rewarding points.

Visa and MasterCard claim that banks can make up for lost revenue from consumers, but consumer group Choice said that lowering card fees is beneficial to consumers and small businesses. The group event manager, Erin Turner, said, “Reducing card fees will make it cheaper for consumers to use credit and debit cards. Companies that resist lowering card fees are only banks, bank card providers such as Visa and MasterCard, and Australia. Large companies such as Qantas."

The Bank of Australia’s research found that small companies paid the most credit card fees, while large companies enjoyed huge discounts on this fee.

News compiled from "Times"

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