Westpac backs scheme fee cap and dissecting blended pricing

By Michael Sainsbury, Senior Business Correspondent

Westpac has taken aim at the “complex” fees charged by card schemes like Visa and Mastercard, as well as controversial “blended” pricing plans imposed on many small businesses, in a comprehensive response to the Reserve Bank of Australia’s inquiry into merchant fees and surcharging.

Westpac has outlined a vision for a payments system in Australia that challenges the status quo, as merchants and regulators grapple with rapid changes in payment habits and the government's push to remove surcharging.

Fees charged by card schemes under increased regulatory scrutiny around the world

By Michael Sainsbury, Senior Business Correspondent

The giants of the payment card industry, Visa and Mastercard are under an intensifying spotlight in a range of jurisdictions, including the UK, EU and Australia, with a key focus on the opaque scheme fees these companies dictate to banks and merchants. At least 80% of these fees are borne by merchants.

The European Commission has had a probe underway since mid-year into whether scheme fees charged by the card issuers have a financial impact on retailers.

Get some rest during the holidays because 2025 will be a big year for payments

By Warwick Ponder, Managing Editor

Some well-earned rest may be needed for payments industry executives and policy boffins over the holidays, before they face a very busy 2025.

The payments industry never sleeps and that isn’t going to change next year as it faces a plethora of reviews, inquiries and public consultations on issues including cards, surcharging, cash, mobile payments and the closure of BECs .

60,000 cards may be impacted by eftpos mobile glitch on New Year’s Eve

By Staff Reporter

Banks are asking 60,000 consumers to delete and reload their debit cards, to ensure they still work from News Year’s Day.

Australian Payments Plus (AP+) is rolling out a technical update to fix an eftpos token expiry glitch on debit cards installed on mobile wallets like Apple Pay.

ANZ launches “ultra-fast” gloabl payments via NPP

By Staff Reporter

ANZ has announced the expansion of ANZ Express Payments, with inbound cross-border payments from all AUD Clearing Services customers, up to AUD$500, now processed in near-real time, 7 days a week.

Mobile payments used to be less ‘painful’ than using cash. That might be changing

Published December 19, in ‘The Conversation’ By Carin Rehncrona https://theconversation.com/mobile-payments-used-to-be-less-painful-than-using-cash-that-might-be-changing-246178

The act of handing over hard-earned cash has long been associated with pain. And historically, research has also found that consumers tended to spend less using cash rather than a payment card.

In fact, the use of physical cash has been shown to activate the pain centre in the brain. However, some researchers are more sceptical and instead put the perception of pain down to a lack of reward response – where the brain associates an action with feelings of pleasure. This response is activated by credit cards far more than by cash.

Services Australia dumps foreign cheques and money orders

By Staff Reporter

From December 19, Services Australia will no longer accept foreign currency cheques or international money orders.

Australians living overseas who pay child support or spousal maintenance, or who are repaying a Centrelink debt, will now need to make electronic payments, using cards or bank transfers.

payFURL partners with Mastercard to launch comprehensive suite of innovative payment solutions

By Staff Reporter

payFURL has partnered with Mastercard to support the roll-out of three cutting-edge, innovative payment solutions in Australia: Mastercard Click to Pay, Mastercard Secure Card on File and Mastercard Payment Passkeys Service.

PayDay News will return in January 2025, with all the latest news and analysis of the payments industry.

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PayDay News is a publication produced by the Independent Payments Forum. For any enquiries regarding PayDay News, please contact gabby@paydaynews.com.au