Smartpay shares down 22% after Australia signals debit card fee ban

Smartpay is an eftpos terminals provider listed on the NZX and ASX. (Image: NZME)

Fri, 18 Oct 2024

Eftpos payment system provider Smartpay's shares have fallen 22% in two days after Australia announced plans to ban debit card surcharges. Australian Prime Minster Anthony Albanese and Treasurer Jim Chalmers said Tuesday that the federal government is prepared to ban debit card surcharges from 2026. A discussion document was released, and the Reserve Bank of Australia is now reviewing merchant card payment costs and surcharging in the country. Shares fell 22% to $0.77 in the two days to Thursday. They have now settled at tha...

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