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PayDay News | Australian Payments News

A cool $6.4 billion evaporates in cloud of merchant fee mystique

Senior Business Correspondent
20 Nov, 2024
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Michael Sainsbury
Senior Business Correspondent
20 Nov, 2024
Add us as a preferred source on Google
Businesses incurred $6.4 billion in annual merchant fees just for accepting debit and credit cards during the 2022/2023 fiscal year across Australia, but it is almost impossible to track where all the money went.
A cool $6.4 billion evaporates in cloud of merchant fee mystique
While analysts and campaigners question the $6.4 billion a year Australian businesses currently pay in card fees, CBA CEO Matt Comyn says the nation’s largest acquiring business is losing money. These fees are collected

Businesses incurred $6.4 billion in annual merchant fees just for accepting debit and credit cards during the 2022/2023 fiscal year across Australia, but it is almost impossible to track where all the money went.

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