Alarm from credit card issuers over ComCom proposals

Commerce Commission proposals will have the opposite of their intended effect, says Mastercard's Richard Wormald (Image: Supplied)

Pattrick Smellie

Wed, 02 Apr 2025

New Zealand’s banking system will become less competitive, and open banking start-ups will fail if Commerce Commission proposals to regulate bank interchange fees go ahead, says the regional head of one of the world’s largest credit card issuers.“We’re at sort of one minute to midnight,” Richard Wormald, Mastercard’s division president for Australasia, told BusinessDesk from Sydney, warning that the impact of the proposed changes would be to restrict access to credit for less affluent people and likely stifle...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Energy

Meridian to pay $70M for Z Energy's Flick

Z Energy paid $46m for its 70.01% stake in the electricity retailer seven years ago.

Ian Llewellyn 10:00am

Markets

Vista to take 25 Picturehouse Cinema sites to the cloud in 2025

The listed cinema software firm has its AGM on May 21.

Rebecca Stevenson 9:00am

Vista to take 25 Picturehouse Cinema sites to the cloud in 2025

Politics

What the US-China Trade Agreement Means for Markets

By James MackintoshThere’s more to Monday’s soaring stocks than the pause in crushing China tariffs.The temporary lifting of triple-digit trade levies between China and the U.S. while trade talks get under way removes the threat of an immediate stagflationary hit to the economy....

The Wall Street Journal 8:30am