The complicated payment system tends to obscure fee structures, which has resulted in consumers facing higher charges than anticipated when using debit cards for transactions. Brad Kelly points out that despite debit cards being marketed as the more affordable option compared to credit, consumers often end up paying excessive fees that reflect a lack of transparency. This strikes a chord with many businesses, particularly small ones, who feel the pinch of these unnecessary costs as they strive to remain competitive in a struggling economy.
Advocates for payment reform highlight the significant burden of $6.9 billion in card fees that Australian banks and payment platforms impose annually on consumers and merchants. This money could otherwise alleviate financial pressures that small businesses face as they navigate an increasingly competitive environment. The overwhelming complexity in the fee structure acts to the detriment of the consumer, who may not fully understand how much they are actually paying in transaction fees just to access their own money.
[
Collection
]
[
|
...
]