The end of card surcharges in Australia

Until last week, it was common in Australia for a card surcharge to be added to retail transactions. This was declared on the POS terminal with a sticker, usually in the form of a percentage. The Reserve Bank has now outlawed the practice for payment systems under its remit. This is great news! From the Reserve Bank: The RBA has concluded that it is in the public interest to remove surcharging for all designated card networks (eftpos, Mastercard and Visa) from 1 October 2026. Designated card networks are subject to formal regulation by the RBA. To implement this, the RBA has removed its prohibition on ‘no-surcharge’ rules with effect on and from that date. American Express, UnionPay and PayPal have also decided to remove surcharging. These firms are not currently subject to formal regulation by the RBA. The ACCC also has a page outlining the changes. Dissenters claim this will lead to higher prices, though in reality it’ll just be factored into the total advertised cost of an item. It…