(31 March 2026 – Australia) The Reserve Bank of Australia (RBA) will prohibit merchants from surcharging debit and credit card transactions from October as it releases its highly anticipated payment system reform strategy.
The Payments System Board has concluded that a package of reforms that includes removing surcharging, reducing interchange fees and increasing transparency would be in the public interest and promote competition and efficiency in the payments system.
RBA Governor Michelle Bullock stated that the changes would simplify card payments for consumers and provide better value to businesses on payment services.
“Surcharging no longer works as intended. Consumers and businesses find the rules complex and confusing, surcharges are often not well disclosed, and most consumers want surcharging to stop. Interchange caps meanwhile will help lower costs for business. Removing surcharging needs to be paired with lower payment costs for businesses, especially for small businesses, which pay the highest fees. We will also require payment service providers to give businesses all the information they need to get accurate quotes” ” Bullock commented.
“I recommend that Aussie merchants move to Interchange ++ pricing. What should a merchant do? If your acquirer is only offering you a flat rate deal then it’s time to find a new acquirer” stated Payment Services Managing Director, Brad Kelly.
“If your acquirer is offering you ‘Zero Cost EFTPOS’ then it’s time move on. If your acquirer is telling you that IC++ is too complex, it’s about to become very simple, very quickly. Instead of 126 interchange categories, there’s only a need for a few now. Scheme fees? Don’t get me started. You only have 182 days to move.”