Mastercard and Consumer NZ seek card surcharge ban

Mastercard and Consumer NZ are calling for a ban on surcharges for card payments. They argue that the Commerce Commission's proposed fee caps do not address the high costs consumers face when using debit and credit cards. The Commerce Commission aims to reduce interchange fees for Visa and Mastercard transactions. Their draft decision could lower surcharges by about $260 million, addressing concerns that New Zealanders pay too much for card payments. Currently, many consumers see surcharges of 2% or more when using cards. The Commission's proposal is part of a broader effort to lower payment costs for Kiwis.