Watch out ZIP, the RBA is on the warpath, the new legislation is now in place and they also want to stop BNPL merchant fees being absorbed into retail prices

RBA hastens review into surcharging ‘rort’

The Reserve Bank is bringing forward the timing of a review into surcharging, as the billions of dollars in fees paid by Australians each year for ordinary transactions attracts closer political scrutiny, with parliament hearing this week that banks and global card networks are “having a laugh”.

Point-of-sale surcharging is not just a headache for many consumers; payment costs are a perennial concern for small businesses too, as more transactions shift away from cash.