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The Commerce Commission says Kiwis pay around $1 billion a year on fees for contactless and online credit card payments - and is consulting on regulation it believes could save $250m from that total. Photo / File

Retail NZ: It's not the intent PayWave fees passed on aren't always as accurately reflected

Author: Newstalk ZB,
Publish Date: Wed, 24 Jul 2024, 7:56am

The head of Retail NZ has stopped short of saying consumers are being ripped off by fees for PayWave and online card payments.

The Commerce Commission's consulting on fee capping regulation that could save Kiwis $250 million a year.

Retail NZ Chief Executive Carolyn Young told Ryan Bridge fees passed to consumers are not always as accurately reflected as they could be, but that's not necessarily the intent.

“Part of that from the conversations we’ve had with people is through lack of knowledge through a really complicated system, so we want the system to be a lot more simple and straightforward so that everyone can follow it.”

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