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Widespread paywave possible under new legislation

Widespread paywave possible under new legislation © Hands of cafe visitor holding credit card and putting it to the card payment machine The no paywave sign may soon become a thing of the past - as new legislation to regulate transaction charges is announced. Caps will be set on the amount banks can charge retailers for credit and debit payments. Lowering these fees is expected to save businesses $74 million a year - with the hopes the savings will be passed on to consumers. The Shucker Brothers and Island Gelato co-owner Geoff Tippett said any reduction in merchant service fees will be a relief.

Cutting eftpos fees may save businesses $74m a year

Caps will be set on the amount banks can charge retailers for credit and debit payments. Lowering these fees is expected to save businesses $74 million a year - with the hopes the savings will be passed on to consumers. The Shucker Brothers and Island Gelato co-owner Geoff Tippett said any reduction in merchant service fees will be a relief. Because we re a high volume paywave customer it s a huge saving for us. It s probably the one block to going fully card only without cash is the cost of the paywave fees. Considering everything else has been going up in the last year this is a good relief.

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