Contactless payment charges banned - are there more bank fees the Government could get rid of?

We’ve all been caught out when using PayWave or contactless payment in stores, where we think we know how much we’re paying and then a surcharge adds a tiny bit more on that final price.

Well, that’s about to change.

The Government is planning to ban retailers from being able to add surcharges to most in-store card payments.

It follows a decision by the Commerce Commission last week to reduce interchange fees paid by businesses for accepting credit card payments.

So what does this all mean for consumers and business owners… are there more savings that could be made on these fees, or are they a consequence of trying to attract more competition to the market?

Today on The Front Page, Massey University Associate Professor from the School of Accountancy, Economics and Finance, Claire Matthews, is with us to break down what this all means for you.

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You can read more about this and other stories in the New Zealand Herald, online at nzherald.co.nz, or tune in to news bulletins across the NZME network.

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