Visa backs surcharge ban but defends its “complex and opaque” fees

By Staff Writer

Visa has backed a ban on surcharging for debit payments in Australia, while also defending its fees.

The Independent Payments Forum and small business groups have warned about the damaging consequences of banning surcharging without addressing card fees which are significantly higher for small businesses and their customers, compared to big businesses. Fintechs such as Smartpay and Tyro have also been impacted by calls to ban surcharging.

JP Morgan stirs payments pot

From Ian Rogers, Banking Day

Following its entry into Eftpos and the New Payments Platform, JP Morgan Australia is poised to enter the acquiring business. JP Morgan Payments will thus offer a full cash management and working capital solutions service to clients, sharpening competition with major Australian banks.

Its initial merchant base will comprise US-headquartered retailers and ecommerce platforms. Apple will be JP Morgan Payments most prominent client.

Payments options will be all mod cons.

Quest Payment Systems CEO Jan Mason said by working with JP Morgan “we can offer unparalleled service to merchants across Australia with our Android based QT850 terminals.

“These terminals are designed not just for current traditional payment methods but are equipped to handle emerging payment types such as QR codes and Account-to-Account payments. This alliance reflects our commitment to innovation and enhancing the way retailers engage with their customers."  Bianca Bates, Head of Payments, Australia and New Zealand, JP Morgan said “this collaboration with Quest will empower Australian businesses with the latest checkout technology, for a secure and seamless customer experience.

“We are focused on enabling merchants to prosper by providing them with the tools they need to deliver outstanding payment services." 

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