Personally, I’m all for this. I’m sick of seeing a $5 coffee turn into $5.13 because of a random 2.6% card fee, especially when pretty much everyone pays by card these days.
Realistically, a lot of businesses will probably just build that cost into their prices, but I’d still rather see the full price upfront than have extra fees added at the checkout. Card processing is just another cost of doing business.
The RBA is also cutting interchange fees, so merchants should be paying less to accept cards. Whether those savings actually get passed on… we’ll have to wait and see.
Changes are expected to come into effect from 1 October.
