NZ Commerce Commission Proposes Caps on Interchange Fees for Commercial Credit Cards

MT Newswires Live

Jun 04

The Commerce Commission of New Zealand released its draft decision to introduce caps on interchange fees for Mastercard and Visa commercial credit cards in a bid to have a more "fair and efficient" payments system, the competition, consumer, and regulatory agency said on Thursday.

New Zealand businesses currently pay roughly NZ$125 million in interchange fees annually to accept Mastercard and Visa commercial credit cards, and the proposed caps are expected to reduce these costs by NZ$40 million per year.

The final decision will be made later in the year, according to Commissioner Bryan Chapple.

Westpac Banking (ASX:WBC, NZE:WBC) shares fell marginally in morning trade in New Zealand, while ANZ Group (ASX:ANZ, NZE:ANZ) shares were down nearly 1%.

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