The Commonwealth Bank notes the RBA's release today of the Merchant Card Payments Costs and Surcharging Review. We have consistently been supportive of the removal of surcharging, which will make everyday payments simpler and more transparent for Australians. However, we have also consistently raised concerns about the long-term effects of the RBA reducing interchange - the main commercial model that supports the payments system - to the lowest level of any country globally.
The Reserve Bank has also chosen to impact the commercial model of domestic institutions in favour of offshore companies. These same domestic institutions invest in the resources that underpin the infrastructure, security, innovation and resilience of the payments system. This is more important than ever amid the geopolitical context and ongoing global uncertainty.
As we assess the impact of the RBA’s reforms, we will carefully consider the implications for our customers, including card offerings, rewards and associated benefits. We expect the review to result in some adjustments and will communicate any changes directly to customers.
