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.
Social media giants not serious about online fraud after snubbing crunch meeting
Firms ignoring fraud despite Government attempts to engage with industry
12 May 2021 • 12:00pm
Social media firms and internet giants have been accused of failing to take online scams seriously after snubbing ministers and sending lobbyists to a high-level meeting.
The criticisms have come as the Government finalised plans last night for new laws to protect consumers online.
Consumer losses to fraud are on the rise according to Action Fraud, a government agency. Some 85pc of all fraud features an online element such as mimicking a bank website to steal personal data or advertising fake investments.
May 12, 2021
You are here: Home / Economy / World / How global trade can save lives and livelihoods – and help protect the planet
How global trade can save lives and livelihoods – and help protect the planet
(Credit: Unsplash)
This article is brought to you thanks to the collaboration of The European Sting with the World Economic Forum.
Author: Kate Whiting, Senior Writer, Formative Content
New Director-General of the World Trade Organization, Ngozi Okonjo-Iweala, joined the World Economic Forum Agenda Dialogues to discuss global trade.
Dr Okonjo-Iweala said vaccine policy was crucial to helping the economic recovery from the COVID-19 pandemic.
India’s Minister of Commerce and Industry, Piyush Goyal, called for global solidarity to help all countries get through the crisis.