Australian’s love affair with paying by card – and not cash – has now surpassed 90% of transactions. But each time we tap our card, the merchant incurs a cost that’s passed onto you, the customer, to the tune of billions of dollars a year.
As part of a Review of Retail Payments Regulation, the RBA is expecting the industry – the banks, card companies and payment terminal companies – to cut processing costs by using what’s called ‘least cost routing’.
Brad Kelly, Managing Director of Consulting Company, Payment Services
Wes Lambert CPA, FGIA, CAE, MAICD, CEO of the Australian Restaurant & Cafe Association