Smartpay Holdings (NZE:SPY, ASX:SMP) hit a 52-week low in Australia and New Zealand on Tuesday on the heels of the Australian government's plans to crack down on what it calls unfair surcharges via card payments.

In a filing with the New Zealand and Australian bourses, the payment products and services provider said it is "engaged" with the Reserve Bank of Australia concerning a review of surcharges incurred from electronic card transactions. It said it will update the market on any potential impacts once the consultation period is complete.

Earlier in the day, the Albanese government announced a AU$2.1 million new fund to tackle "unfair and excessive card surcharges." It also said it is ready to ban debit card surcharges starting Jan. 1, 2026, subject to consultation by the RBA.

Smartpay Holdings' shares plunged almost 13% in recent Tuesday trade in Australia and were down 10% in New Zealand.

Price (AUD): $0.90, Change: $-0.10, Percent Change: -10.05%