<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australians could save $1.2 billion a year on their shopping under a new proposal from the </span><a href="https://www.9news.com.au/reserve-bank-australia" rel="" target="_blank" title="Reserve Bank"><span>Reserve Bank</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The RBA today issued a recommendation to end surcharging on Eftpos, Mastercard, and Visa cards.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Consumers currently pay around $1.2 billion in card surcharges each year," the bank said in a release.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/russia-ukraine-donald-trump-threatens-vladimir-putin-tariffs-over-war/f04604f6-f2a5-4096-b575-3d2431a7a4b7" target="_blank"><strong><span>Trump drops the hammer on Putin with incredible threat</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Surcharging is no longer achieving its intended purpose of steering consumers to make more efficient payment choices: avoiding surcharges has become harder as cash usage has declined, businesses are increasingly charging the same surcharge rate across debit and credit and there are significant challenges with enforcing the current surcharging rules.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Removing surcharging would make card payments simpler, more transparent and help to increase competition in the card payments system."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The surcharge halt was one of several proposals laid out in a consultation paper as part of the RBA's review of merchant card payment costs and surcharging.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/reserve-bank-of-australia-wants-to-remove-card-surcharges/6e7688de-6866-4470-b716-d886c0cc229a" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/anthony-albanese-xi-jinping-meeting-beijing-china-port-of-darwin-ownership/8b08fe35-f9c4-4635-8117-ffea3f271f2d" target="_blank"><strong><span>PM brushes off concerns of Chinese retaliation as port showdown looms</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Another was to require card networks and large acquirers to publish the fees they charge.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Improving transparency and competition will help all players better understand the fees they are charged and make it easier for businesses to shop around for a better deal," the release said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The RBA also called for a lower cap on interchange fees paid by businesses, which could save another $1.2 billion a year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/missing-backpacker-wa-carolina-wilga-statement/3b13b816-8ec2-41a7-9e71-86184fbcea9e" target="_blank"><strong><span>Rescued backpacker reveals why she abandoned car</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Around 90 per cent of Australian businesses are estimated to be better off under the proposed policies," the release said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The proposed reductions to interchange caps would benefit small businesses the most, as they tend to pay fees closer to the existing caps. Introducing caps on foreign interchange fees would help to lower fees for all businesses accepting international cards."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A feedback window on the proposals is open until August 26 this year, before the reforms are finalised.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>View the full consultation paper </span><a href="https://www.rba.gov.au/payments-and-infrastructure/review-of-retail-payments-regulation/2024/in-brief-2025-07.html" rel="" target="_blank" title="online here"><span>online here</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. 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