Greg Harford: Paywave fees clampdown will save retailers $74 million each year

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Manage episode 292353902 series 2882353
By NZME and Newstalk ZB. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.
The price of goods could ease with merchant fees reduced.
Banks charge businesses merchant fees for the use of credit and debit card facilities.
Interchange fee will now be capped at 0.8 per cent for credit card transactions -- in line with Australia.
Online debit card transactions will be capped at 0.6 percent.
Greg Harford from Retail NZ says Paywave costs should fall as a result of today's announcement.
"Smaller retailers in particular are often paying a bundled rate that applies to all transactions... and those fees tend to be set at a relatively high level.
"It's really good news that the Government is taking these divisive steps."
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