Card surcharge ban could lead to higher bank fees or lower rewards | The Business

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Издатель Aug 13, 2025

The Reserve Bank has proposed an end to card surcharges, but similar moves overseas have led to higher banking costs for consumers. Experts say a cap on interchange fees will cost banks $900 million a year, which they are likely to recoup via higher card and account fees or devalued rewards points. Melanie Evans, deputy chair of the Australian banking association and chief executive of ING in Australia, told The Business if the economics of the payment systems change then, business models will also change accordingly. The banks want mobile wallets included in the review. More Australians are using mobile wallets to tap and go, with payments up almost 30 per cent in a year. Each time a customer pays using a mobile wallet, the banks pay the tech giants a fee. Professor Zhong said that was where banks could offset lost revenue from the cap on interchange fees. "It would require reforms in other areas in terms of fees charged by mobile wallets to Australian banks," she said. Banks and other stakeholders have until the end of the RBA's consultation period on august 26 to make submissions.
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