This poll was conducted in November 2021.
The Retail Payment System Bill introduces new regulations for New Zealand’s retail payment system. This Bill follows a commitment made by the Government to reduce merchant services fees (MSFs) in New Zealand. It will aim to ensure that retail payment systems, such as the Mastercard and Visa credit and debit networks, deliver long-term benefits to consumers and merchants. The regulatory regime would be administered by the Commerce Commission. This survey was to gather feedback from members on the payment landscape and in particular merchant service and interchange fees. More information on the Bill is available here.
Key findings:
- 32% currently apply a credit card surcharge to cover the cost of accepting credit cards
- 78% say that a cap on Interchange fees (the fees a bank charges for the card payment services it provides) at 0.8 percent which is in line with Australia, is a reasonable rate
- 66% say they believe government should be regulating merchants’ ability to surcharge
Online snapshot survey: Retail payment system
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