For years, Australians have complained about one small but frustrating cost when paying for everyday purchases. Whether it\u2019s coffee, groceries, or dinner at a restaurant, those extra card surcharges have become a familiar annoyance. Now, a major change is coming \u2014 but the real winners may not be who many people expect.<\/p>\n\n\n\n
The Reserve Bank of Australia (RBA) has confirmed that surcharges on credit<\/a> and debit card payments will be banned from October 1. The decision follows an 18-month consultation process involving banks, businesses and consumer groups.<\/p>\n\n\n\n Under the new rules, businesses will no longer be allowed to add a separate fee when customers choose to pay by card. The RBA says the goal is to simplify payments and eliminate charges that many consumers find confusing or unfair.<\/p>\n\n\n\n To support the change, the central bank will also reduce interchange fee caps \u2014 the fees paid between banks when a card transaction takes place.<\/p>\n\n\n\n Despite the consumer-friendly announcement, payments expert Brad Kelly, founder of the Independent Payments Forum, says to Sky News<\/a> that the biggest beneficiaries may actually be the major card networks.<\/p>\n\n\n\n According to Kelly, companies like Visa and Mastercard are unlikely to be affected by the surcharge ban.<\/p>\n\n\n\n \u201cThese networks are the winners,\u201d he said, noting that the RBA\u2019s changes do not regulate scheme fees, which are charges that card networks impose on banks and financial institutions.<\/p>\n\n\n\n Those costs often end up being passed along the payment chain and eventually absorbed by businesses or consumers.<\/p>\n\n\n\nWhy Visa And Mastercard May Benefit<\/h2>\n\n\n\n