Govt looks to regulate contactless payment fees for retailers

Author
Newstalk ZB,
Publish Date
Fri, 11 Dec 2020, 2:49PM
Photo / 123RF
Photo / 123RF

Govt looks to regulate contactless payment fees for retailers

Author
Newstalk ZB,
Publish Date
Fri, 11 Dec 2020, 2:49PM

The Government is looking to change how much Kiwi retailers pay for contactless payment services as it's revealed they pay $13,000 more each year than their Australian counterparts.

Banks generally charge service fees for contactless debit and credit card transactions, something watchdogs have been calling for change over.

The announcement comes after a pre-election promise from the Labour party to look into how much businesses are forced to pay for contactless payment services.

Early in the pandemic response this year, banks temporarily waived fees on contactless transactions and raised the purchase limit from $80 to $200.