The banksters have been ripping consumers off for years not to mention the suppression order that the card providers have had in place for over 2 years now

Australian Banks gouging $4 billion from customers for cashless transaction fees: Labor MP (smh.com.au)

The nation’s large banks and providers of credit and debit cards have been accused by a Labor MP of paying themselves “kickbacks” that are costing consumers $4 billion a year through surcharges imposed on small business operators.

Jerome Laxale used parliamentary privilege to argue the spread of card and digital payments across the retail sector since the advent of COVIDcame at an extreme cost to consumers, who are paying hundreds of dollars annually to use their own money.

Theuse of cards, phones and smartwatches to payfor goods and services was super-charged by the pandemic. In 2022, cards accounted for more than three-quarters of all payments, with debit cards used in 51 per cent of cases.

Cash now accounts for just 13 per cent of transactions.

Laxale said while he understood the advantages of not using cash,the major banksand card providers were gathering about $4 billion in fees from small retailers and their customers through card surcharges.

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He said while other countries had fee-free digital payment systems, Australians were beingstung by feesthat were boosting the profits of banks and card providers.

“Paying for things used to be free. And for those of us who still use cash, it still is. Cash should always be an option for those who use it, and it should be free to use. But we are in 2024,” he said.

“We have this upside-down system where we are being slugged $4 billion a year to use to the easiest, safest and most efficient way to pay.