Unlike in the UK and the European Union where card surcharges are banned, retailers in Australia are allowed to recoup their payment costs through surcharging their customers, as long as they are not making a profit out of it.
Card surcharges are just another way for retail outlets to gouge their customers with hidden cost.
Any honest business absorbs the cost of credit card fees because they know that the labour cost of banking cash or the transactional cost of EFTPOS is a rounding error.
Dishonest businesses who deal with cash under the table don’t account for the labour cost of banking cash, so just perceive as credit card fees as an extra expense.
Evil_incarnate@lemm.ee 8 months ago
“Australian Banks profit nearly $1 billion a year from card surcharges as RBA does nothing”
abhibeckert@lemmy.world 8 months ago
I don’t think the banks see any of that money. It mostly goes to infrastructure companies such as Visa (who guarantees a refund if your card is stolen) and Telstra (network infrastructure isn’t free).
wscholermann@aussie.zone 8 months ago
In any case, the RBA tut tutting will change precisely nothing.