The Reserve Bank of Australia (RBA) has unveiled a comprehensive report, developed after thorough discussions with key stakeholders, recommending the cessation of surcharges on debit, prepaid, and credit cards across eftpos, Mastercard, and Visa platforms.

According to the RBA, the surcharging rules, which were implemented over 20 years ago, have failed to guide consumers toward more efficient payment methods as initially intended.

The paper also advocates for increased transparency regarding the fees imposed by card networks and payment service providers.

“By enhancing transparency, we aim to foster greater competition among payment chain participants, thereby reducing card payment costs and enabling businesses to find more favorable terms,” the RBA stated in its announcement.

The elimination of card surcharges is scheduled for October 1, 2026, coinciding with the implementation of reduced interchange caps for domestic card transactions.

Meanwhile, the introduction of an interchange cap on international cards, along with certain adjustments to payment cost transparency, is slated for April 1, 2027. The RBA noted that these more intricate changes necessitate additional time for the payments sector to prepare adequately.

A new public consultation will begin mid-year to look into other areas of the retail payments system, including mobile wallets, three-party card networks, “buy now pay later” services, and e-commerce platforms.

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