RBA mulls radical reform of payments market

By George Lekakis, Senior Banking and Financial Services Correspondent

The Reserve Bank is considering the biggest overhaul of the payments system in more than 20 years as it recasts the long-running public debates over merchant fees and surcharging within its broader campaign against inflation.

The central bank is mulling radical reforms that could result in bans over a sweep of controversial pricing practices used by banks and other payments providers to wrench higher fees from small retailers.

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