The federal government has vowed to ban debit card surcharges in 2026 subject to a Reserve Bank of Australia review.
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00:00There shouldn't be surcharges on them using their money.
00:04Are you sick of getting stung by card surcharges that appear at the checkout?
00:10Under a government proposal, those surcharges could soon be banned.
00:14It's estimated that Australians pay more than $1 billion each year in card surcharges.
00:30The Reserve Bank of Australia estimates that the average costs for processing FPOS
00:36is less than 0.5 per cent.
00:39Visa and Mastercard debit are between 0.5 and 1 per cent
00:44and Visa and Mastercard credit are between 1 and 1.5 per cent.
00:50The surcharge ban is set to begin in 2026,
00:54depending on the Reserve Bank of Australia's Review of Retail Payments system.