$74m saving from govt's contactless card fee cap

The government will cap interchange fees for credit card transactions at 0.8%.

Wed, 12 May 2021

The government has announced it will reduce merchant fees by introducing a Retail Payments Systems Bill estimated to save New Zealand businesses about $74 million each year.In a statement, commerce and consumer affairs minister David Clark said that, due to covid, consumers have increasingly favoured contactless debit and credit cards. While using eftpos was fees-free for retailers, services such as Apple Pay and PayWave incur fees.“The high cost of these fees puts added financial pressure on businesses at a time when they are dealing wit...

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