Australia to Ban Credit, Debit Card Surcharges in Hit to Banks

The Reserve Bank of Australia won’t allow surcharges on debit and credit cards from October, a move that will hit banks’ revenue and bring the country in line with peers in Europe and the UK.

The nation’s central bank said it will also lower the cap on credit card interchange fees that are paid to banks by merchants, according to a Tuesday statement. The move will impact card surcharging on the Eftpos, Mastercard and Visa card networks.