Australia’s central bank has again told off banks and acquirers for failing to comprehensively roll out least-cost transaction routing for contactless debit transactions, as industry groups claim it is costing small businesses thousands of dollars per year.
As Australia’s domestic debit network, eftpos, was slow to provide contactless payments, such transactions have defaulted to the international card schemes such as Mastercard and Visa.
The steeper interchange fees set by those networks has led to higher acceptance costs for merchants.
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