EFTPOS surcharges could be banned in 2026

The federal government has vowed to ban debit card surcharges in 2026 subject to a Reserve Bank of Australia review.

Transcript

00:00There shouldn't be surcharges on them using their money.

00:04Are you sick of getting stung by card surcharges that appear at the checkout?

00:10Under a government proposal, those surcharges could soon be banned.

00:14It's estimated that Australians pay more than $1 billion each year in card surcharges.

00:30The Reserve Bank of Australia estimates that the average costs for processing FPOS

00:36is less than 0.5 per cent.

00:39Visa and Mastercard debit are between 0.5 and 1 per cent

00:44and Visa and Mastercard credit are between 1 and 1.5 per cent.

00:50The surcharge ban is set to begin in 2026,

00:54depending on the Reserve Bank of Australia's Review of Retail Payments system.