Credit card company Visa is calling for a ban on the surcharge fee some merchants charge card-paying consumers at the point of sale.
The Commerce Commission was undertaking a review of card charges, and considering cutting the regulated interchange fee card companies can charge banks by as much as 75 percent, for example.
Card interchange fees were in turn passed on by banks to merchants at whatever rate the merchant can negotiate, meaning that some pay much more than others.
Alternate, alternate headline.
EFTPOS still refuses to pull head out of own arse, won’t offer competition to price gouging Visa. Even though consumers would flock to their service in a heartbeat.
Online EFTPOS is now a thing. A small number of places but it’s pretty new.
Is paywave the only thing they don’t have feature parity on? Other than overseas stuff, which will be a lot trickier to do.
Online EFTPOS is only a thing for some banks. Not universal like card based.
Universal online EFTPOS and a version of paywave, and I’d almost never need a credit card.
The paywave one is an odd one. The technology is there, and they clearly already have agreements with banks. Is the only reason for not having EFTPOS paywave that the banks turn them down, whether due to user confusion (can paywave different cards at different places - seems not too different to using credit cards at some places and not others), or is it because they can’t get the big banks on-board due to their contracts with Visa, etc?
And if so, how come they managed to get online EFTPOS?