Credit and debit card surcharges will be banned from October.
Reserve Bank governor Michele Bullock said the changes ‘will make card payments simpler for consumers and help businesses get better value from their payment services’.
‘Surcharging no longer works as intended,’ she said.
‘Consumers and businesses find the rules complex and confusing, surcharges are often not well disclosed, and most consumers want surcharging to stop.’
The long-awaited ban on surcharges will come into effect on October 1.
