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PayDay News | Australian Payments News

The $2 Billion scheme fee black box

Technology Reporter
25 Feb, 2026
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Alex Zaharov-Reutt
Technology Reporter
25 Feb, 2026
Add us as a preferred source on Google
A marathon day of parliamentary testimony revealed a payments system where nobody admits to being dominant, nobody can fully explain where the money goes, and Australia’s small businesses are caught in the crossfire between banks, card schemes, and big tech.
The $2 Billion scheme fee black box
Committee Chair Ed Husic (left), Mastercard’s Richard Wormald and Paul Monnington (centre) and Visa’s Alan Machet (right).

A marathon day of parliamentary testimony revealed a payments system where nobody admits to being dominant, nobody can fully explain where the money goes, and Australia’s small businesses are caught in the crossfire between banks, card schemes, and big tech.

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