Crackdown on contactless fees

The government will cap bank fees and contactless debit card fees to try and drag down the amount New Zealand retailers pay, to be more in line with Australia.Commerce and Consumer Affairs Minister David Clark and Small Business Minister Stuart Nash announced today it would regulate the bank payment system to make service fees for debit and credit cards fairer and “less of a burden for Kiwis and businesses.”Retailers pay service fees to their bank every time a customer uses a contactless debit or a credit card. These fees include in...