The Commerce Commission is looking into regulating fees for PayWave and online card payments.

The market watchdog says adding regulation could save Kiwis $250 million dollars, from the $1 billion a year they spend on fees in-store and online.

Chair John Small says they're exploring changes that could reduce surcharges to 0.7 percent.

"Part of what we're doing here is trying to simplify these rates so that the merchants know much more clearly what's costing them - and then that allows buyers to know that."

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• $250m in savings if tap-and-go fees regulated, says watchdog