Australians lose nearly $1 billion a year to card surcharges | The Business | ABC News

Australians are losing nearly a billion dollars a year in card surcharges, as businesses pass on the cost of electronic transactions.

To cut fees, the Reserve Bank wants payments processed through the cheapest network, known as least-cost routing, but the take-up has been slow.

RBA governor Michele Bullock has threatened to mandate LCR if 80 per cent of payment terminals don't provide the service by the middle of the year.

Banks and payment providers like Square and Tyro are being accused of exploiting the gap between what they pay for transactions and what they charge businesses to make them.

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