Tag: interchange fee
Break up? Yes, BREAK UP! The chance for banks to do something right
Across the globe, banks are challenged to lower the interchange fees they charge on debit cards, which give consumers convenient and inexpensive access to their money. In Canada and New Zealand, the debit card interchange fee is zero. Why has EFTPOS Payments Australia Limited (EPAL), which represents the banks and big retailers and processes two billion transactions per year, announced an increase of the interchange fee? Why raise the cost of EFTPOS transactions by 10 cents for all acquirers and merchants except Woolworths and Coles?
