The Reserve Bank of Australia has abandoned it's long-standing card surcharging policy in favour of giving Mastercard and Visa the right to ban small business from passing on their card fees to card users.
The RBA seems to be going further than contemplated by the Prime Minister when he previously announced a ban on DEBIT card surcharging.
"The Reserve Bank is caving in to the international card schemes, granting the long-cherished dream of Visa, and Mastercard, to hide their fees in the cost of the food, medicine and all the goods and services we buy," said Jason Bryce.
"Pensioners and low income consumers who bring cash to the shop will now will pay for the Qantas Frequent Flyer points of platinum Visa and Mastercard users.
"The Prime Minister has previously coffee to explain card surcharging. Every cup of coffee will now cost more because cash users will subsidise card users," said Jason Bryce.
THIS Cash Welcome TIKTOK reacts to the PM's coffee video.
"This is a very un-Australian proposal from the RBA," said Jason Bryce,"Consumers will not save money, retailers will be prevented from passing on costs, prices will rise and the poor will pay for the benefits of the rich," said Jason Bryce.
Key Facts:
There is no delcine in the number of ATM and bank branch cash withdrawals since the end of COVID
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