ComCom will try to bring down PayWave, credit card surcharges

ComCom moves forward with efforts to further regulate fees on credit cards for retailers. (Image: NZME)

Tue, 23 Jul 2024

The Commerce Commission is consulting the public on proposals that it hopes will reduce credit card and PayWave surcharges to the equivalent of 0.7% or less.The Commerce Commission (ComCom) launched a consultation on Tuesday morning on bringing interbank service fees down, enabled by legislation passed in 2022 giving them oversight over Visa and Mastercard networks. The consultation includes a paper outlining a range of pricing and access issues ComCom has identified in its monitoring work with interchange fees, paid between payment servic...

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