Westpac has joined its rivals in committing to give small businesses a choice by 2019 on whether they want contactless dual network debit card payments to be sent through the lower-cost eftpos network, rather than via the international card schemes as occurs today.
The executive director of the Australian Retailers' Association, Russell Zimmerman, cited an estimate reported in Banking Day that the current system was costing the economy $558 million in extra fees.
Amongst its competitors:
- Tyro was first-to-market last month with least-cost routing for merchants on debit contactless payments with its 'Tap & Save' solution.
- ANZ expects to start making the change from the third quarter of this year, without giving an end date for the bank's rollout.
- NAB and CBA have both agreed to delivering the transaction routing functionality for contactless dual network debit cards but have not announced the timeline.
Refer Sydney Morning Herald article.
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