ComCom plans to cap credit card surcharges

Businesses pay about $1 billion a year to offer credit card services. (Image: Sylvie Whinray)

Wed, 18 Dec 2024

The Commerce Commission has issued a draft decision to cap the fees businesses pay Visa and Mastercard.It said the move would save New Zealand consumers $260 million a year in surcharges, at least if retailers pass on the savings to consumers by lowering or scrapping Paywave fees or charges for online payments by credit card.However, credit card firms say retailers will still be free to charge customers whatever surcharge they like, and they have called for regulation further down the food chain.In a July consultation paper, the watchdog said N...

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