Subheading
The Commerce Commission’s draft decision aims to lower Visa and Mastercard fees, potentially saving New Zealand businesses $260 million annually.
Highlights
- Fee Reduction: The Commerce Commission proposes reducing Visa and Mastercard fees for New Zealand businesses.
- Significant Savings: The reduction could save businesses approximately $260 million annually.
- Consumer Impact: The Commission expects businesses to pass on savings to consumers through lower prices or reduced surcharges.
New Zealand’s Commerce Commission has issued a draft decision to reduce the fees that businesses pay for accepting Visa and Mastercard payments. This proposal aims to lower the largest component of these fees by around $260 million annually, providing significant savings for businesses. The Commission’s chair, John Small, emphasized the importance of passing these savings on to consumers, either through lower retail prices or reduced surcharges.
The decision is part of the Commission’s ongoing efforts to simplify and reduce payment costs for businesses and consumers alike. By addressing the complexities and variability of merchant service fees, the Commission hopes to create a fairer and more transparent payment system in New Zealand.
