RBA Removes Surcharging on Designated Card Networks
MT Newswires Live
Yesterday
The Reserve Bank of Australia concluded to remove surcharging for all designated card networks, including eftpos, Mastercard and Visa, effective Thursday, Oct. 1, according to a Thursday statement.
The RBA removed its prohibition on no-surcharge rules to implement the change, allowing the designated card networks, which are subject to formal regulation by the central bank, to ban surcharging on credit, debit and prepaid card payments, the statement added.
American Express, UnionPay and PayPal have also decided to remove surcharging, though these firms are not currently subject to formal RBA regulation, the central bank added.
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