00:00We at the RBA have been reviewing our rules on merchant card payment costs and surcharging.
00:05So we think the time has come to address some of these high costs and inefficiencies in the system.
00:11So we're putting forward today three key proposals.
00:14The first one is to remove surcharging on FPOS, MasterCard and Visa cards.
00:19This could save consumers $1.2 billion annually.
00:23The second thing is we plan to lower interchange fees to reduce businesses' payments costs.
00:28This change could save businesses $1.2 billion a year.
00:32And the third thing is we're going to require card networks and other payments providers to publish their fees.
00:39Today's report's about cards.
00:41But just on cash, I want to say it's also important that the RBA, we are committed to supporting the Australian Government's objectives
00:49to ensure it remains a viable means of payment for those who need or want to use it.
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