Original article by Eli Greenblat
The Australian – Page: 19 : 10-Mar-20
The Australian Retailers Association has estimated its members pay over $500 million a year in merchant fees on bank card transactions. ARA CEO Russell Zimmerman was invited to a meeting with Australian Banking Association CEO Anna Bligh and Commonwealth Bank CEO Matt Comyn on 9 March, at which the fees issue was discussed. An initiative known as ‘least-track routing’, which aims to boost competition within the debit card market and to help reduce card payment costs, was among the other topics discussed.
AUSTRALIAN RETAILERS ASSOCIATION, AUSTRALIAN BANKING ASSOCIATION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA