Shoppers to no longer pay fees when using debit cards under new Albanese government plan

Posted on October 14, 2024 by Admin

Treasurer says uncovering ‘unfair’ practices also part of proposed surcharge revamp designed to give consumers better deal and cut small business’s costs

The federal government is preparing to ban debit card fees and instruct the consumer watchdog to investigate excessive card costs, as the unpopular system of transaction charges gets set for an overhaul.

The proposed changes would mean consumers no longer pay a fee when using their debit card to buy their morning coffee or make a major retail purchase. Credit card fees would still apply.

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UK shoppers face more identity checks when buying online

Posted on March 13, 2022 by Admin

Two-factor authentication is designed to reduce the £376m lost to fraud in 2020

Online shoppers in the UK face more identification checks when paying for purchases on the internet from Monday, as new rules to clamp down on fraud come into force.

The new Strong Customer Authentication (SCA) requirements will change the way people confirm their identity when using their debit or credit cards to make online purchases, and are expected to lead to more card payments being declined. It is the biggest change to card payments since chip and pin was rolled out 16 years ago, and is designed to reduce the £376m lost to online fraud in 2020.

Cash’s reign fades as Covid accelerates high street switch to card-only

Posted on March 12, 2022 by Admin

The trend towards cashless is creeping into food outlets

Popular restaurant chains which stopped taking cash during the pandemic have turned their backs on it long-term in the latest sign of Britain’s shift towards going cash-free.

Prezzo, Itsu and Côte Brasserie are on a growing list of restaurants that have gone card-only for good, citing reduced costs, quicker customer service and claims of improved hygiene.

Mastercard to raise fees by at least 400% for EU firms selling to UK customers

Posted on January 25, 2021 by Admin

Change from October could lead to higher prices for those paying with UK-issued cards

Mastercard is to increase the fees EU firms face to take payments from online shoppers from the UK by at least 400%, in a move that could mean higher prices for consumers.

When a credit or debit card is used, a percentage of the purchase price is paid by the retailer to the bank that issued it as an interchange fee, which is set by a payments firm.