Each time you tap, you pay a little extra, and it all adds up

Australian's love affair with paying by card - and not cash - has
now surpassed 90% of transactions.  And each time we tap our
card, the merchant incurs a cost that's passed onto you, the
customer, to the tune of billions of dollars a year.


So who gets the money? As part of a Review of Retail Payments
Regulation, the RBA is expecting the industry - the banks, card
companies and payment terminal companies - to cut processing
costs by using what's called 'least cost routing'.


Brad Kelly, Managing Director of Consulting Company, Payment
Services

Wes Lambert, CEO of the Australian Restaurant and Cafe
Association



The ACCC is seeking significant penalties for Coles and
Woolworths in the Federal Court, alleging they systematically
misled customers with their 'Prices Drop' and 'Down Down'
claims. 


Neil Rechlin, Partner at NextGen Group