This has been reported on the news all day today, but detail on how this may work has not really been mentioned.
I know it is just a proposal at this time, but surely for this to make the news there must be a skerik of detail on what may go down?
Some banks have gone on record as supporting these changes - to me, that indicates that the costs are to be borne by the retailer (as banks are not going to support something that reduces their profit, and they make good profit from merchant card services).
I think the savings to consumers will be a big fat zero?
People are phoning into ABC radio to say 'Hooray, no more card surcharges'. Seems like a very simplistic view.
Is it a slow news day, or am I living in some sort of a fairytale universe?
Pretty sure prior to 2003 a merchant had to wear the surcharge costs for card transactions