SYDNEY, March 31 (Reuters) – Australia’s central bank said on Tuesday that it would end surcharges on debit and credit card payments for consumers from October 1, while lowering interchange fees paid by businesses in steps estimated to save about A$2.5 billion a year.
After concluding a year-long review, the Reserve Bank of Australia said the surcharging network, which was introduced more than two decades ago, no longer worked as intended and it would remove card surcharging on designated eftpos, Mastercard and Visa networks.
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