Winston Peters Right to Raise Concerns About Payment Fees

3 August 2016

Media release:
Winston Peters Right to Raise Concerns About Payment Fees

Retail NZ says that NZ First leader the Rt Hon Winston Peters MP is right to raise concerns about the fees levied on merchants by banks and card companies.

"Merchants in New Zealand pay a fee every time a customer uses a credit or contactless debit card," Retail NZ's General Manager for Public Affairs Greg Harford said today. "Retail NZ has long been concerned that New Zealand merchants pay substantially more in fees than merchants in comparable jurisdictions such as Australia and the UK. These costs are ultimately met by consumers and are contributing to higher prices for goods in New Zealand.

"While there is limited disclosure by card companies of domestic interchange fees, the issue is much bigger than that. Interchange is just one component of merchant service fees levied by banks and there is no transparency around merchant fees.

"Fees here are much higher than in Australia and the UK; and ultimately consumers pay the price. Officials are looking at the issue - but Winston Peters is right be asking why fees are so much higher here than in comparable markets."
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