BNPL legislation gets up, while other payments reform still in limbo until 2025 

By Staff Reporter

Buy Now Pay Later (BNPL) reform has passed through the Parliament, while other key payments legislation will not be dealt with until 2025.

The new BNPL legislation was passed last week – the final week of Parliament for 2024.

CBA slammed for new cash withdrawal fee at branches and post offices 

By Staff Reporter

The Assistant Treasurer has lashed out at the Commonwealth Bank’s decision to charge some customers $3 for withdrawing cash at its branches and post offices or over the phone.

In a message to customers, CBA informed its ‘Complete Access’ account holders they were being moved to ‘Smart Access’ accounts and would have to pay the “assisted withdrawal fee” from January 6, 2025, in addition to monthly account fees.

High card fees for small business under attack in RBA review

By Staff Reporter

The urgent need to reduce card fees for Australian small business was a strong theme in early submissions to the Reserve Bank of Australia’s inquiry into card fees and surcharging this week.

Submissions seen by PayDay News to date have a consistent theme that card fees are too high for small business compared to big business, and a ban on surcharging may lead to inflation through higher prices for everyone, no matter how they choose to pay, including cash users.

PayDay News now offering monthly subscription options

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