LOGIN
SUBSCRIBE
UPGRADE
LOGOUT
Open menu
PayDay News - Payments Industry News Australia
Got a story
to share?
Open menu
LOGIN
SUBSCRIBE
UPGRADE
LOGOUT
PayDay News | Australian Payments News

It’s time! Mandate Least Cost Routing … properly, Ombudsman

PayDay News
31 Oct, 2024
Add us as a preferred source on Google
Staff Reporter
PayDay News
31 Oct, 2024
Add us as a preferred source on Google
The Australian Small Business and Family Business Ombudsman, Bruce Billson, has called for Least Cost Routing (LCR) of debit card payments to be mandated by the Reserve Bank of Australia, comparing the current system to expensive and unnecessary toll roads.
It’s time! Mandate Least Cost Routing … properly, Ombudsman
It’s time! Mandate Least Cost Routing … properly, Ombudsman

The Australian Small Business and Family Business Ombudsman, Bruce Billson, has called for Least Cost Routing (LCR) of debit card payments to be mandated by the Reserve Bank of Australia, comparing the current system to expensive and unnecessary toll roads.

Subscriber article

This article is available to PayDay News subscribers.

Subscribe to continue reading
PAYDAY NEWS ANNIVERSARY EDITION

trending

Yoti adds ConnectID age checks, while Epic Games adds ID verification
Yoti has added ConnectID to its age assurance platform, while PayDay News understands Epic Games also offers the service through Kids Web Services in a separate, unannounced move
Online scams hit Australians with disabilities
Online contact accounted for two-thirds of scam reports involving financial loss among people with disabilities in 2025, prompting warnings from Commonwealth Bank and Vision Australia.
Coles wins ACCC clearance to bring Paydock payment technology in-house
Coles’ quiet move to acquire Paydock brings payment orchestration technology into its retail payments business, with ACCC clearance carrying no special conditions and the platform already serving major
The Interchange Bench
On The Interchange Bench this week, Novatti founder exits board, Cuscal summit puts financial crime and AI on agenda, Kuhlmann takes Westpac transaction banking role, Humm chair and
Consumers dump credit cards, but will the surcharge “ban” drive a reversal?
For the eight months to August 2026, Australians stopped using credit cards, paid down what they owed, and took out more cash. Surcharging ended on 1 October but

RELATED STORIES ▸

Merchant fees hit record highs as card spending surges
Merchant fees hit record highs as card spending surges
Merchant fees hit record highs as card spending surges
Visa and Mastercard credit card merchant fees both reached 0.99% in the March quarter - the highest levels on record ...
Cash still growing as ATM withdrawals hit a six-year high and debit surges
Cash still growing as ATM withdrawals hit a six-year high and debit surges
Cash still growing as ATM withdrawals hit a six-year high and debit surges
ATM withdrawals reached $9.3 billion in February, the highest single month since July 2020 when $9.7 billion was withdrawn. It ...
As Stripe invests in Sydney Hub, is CBA about to eat its lunch?
As Stripe invests in Sydney Hub, is CBA about to eat its lunch?
As Stripe invests in Sydney Hub, is CBA about to eat its lunch?
While the increasingly pervasive US payments platform Stripe was busy announcing a new Sydney engineering hub in early March, Australia's ...
Blended rates, fintech carve-outs and a trillion-dollar gatekeeper: who really pays?
Blended rates, fintech carve-outs and a trillion-dollar gatekeeper: who really pays?
Blended rates, fintech carve-outs and a trillion-dollar gatekeeper: who really pays?
Australia's parliamentary payments inquiry stripped back the complexity to expose three uncomfortable truths: small businesses are subsidising the system, fintechs ...
ParliPay – hours of action-packed TV with a pinch of fiction
ParliPay – hours of action-packed TV with a pinch of fiction
ParliPay – hours of action-packed TV with a pinch of fiction
Last week I spent two days watching the parade of banking and payment seniors strut their stuff in Canberra at ...
“Monopoly” schemes and blended rates killing retail payments competition, says committee
“Monopoly” schemes and blended rates killing retail payments competition, says committee
“Monopoly” schemes and blended rates killing retail payments competition, says committee
A parliamentary inquiry into card schemes and digital wallets has labelled the dominance of US card schemes in Australia a ...

Got a story to share?

Get in touch with PayDay News today!
Click here to email us

Topics

Advertising Enquiry

Fill out the form below, and we will be in touch shortly.

Contact Information

Got a story to share

Fill out the form below, and we will be in touch shortly.

Contact Information