‘Bring down transaction fees for cashless economy’ – ombudsman

THE Australian Small Business and Family Enterprise Ombudsman has supported a parliamentary committee recommendation for banks to reduce “tap and go” transaction fees.

The House of Representatives Standing Committee on Economics recommended banks let merchants send tap-and-go payments from debit cards through eftpos instead of credit.

The committee said if banks have not done this by April 1, 2018, regulatory action should be taken.

Ombudsman Kate Carnell welcomed the recommendation.

“The average total merchant fee for a debit transaction is 0.26pc with eftpos and 0.58pc with Visa or Mastercard and it’s higher for small businesses,” Ms Carnell said.

“Shoppers are not given a choice with

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