Have an interest in retail payments and credit card interchange rates? Here’s your chance to have a say.
In May this year I wrote a blog post about credit cards and reward schemes - “Addicted to the Airpoints Credit Card money go round? You might be about to be pushed off.”. I wrote this after the Ministry of Business, Innovation and Employment (MBIE) was asked by the Government to examine retail payments in New Zealand. This followed similar investigations in both the United Kingdom and Australia over the past two years that have seen major changes to retail payment schemes. Amongst other things these changes have seen credit card interchange rates slashed, meaning that the cost for retailers to accept credit cards has been cut significantly. It has also meant major changes to credit card rewards programs in the United Kingdom, but the effects on the Australian market have yet to be felt.
MBIE are now calling for public submissions on the issue, so if you’re a retailer who believes that your cost of accepting credit cards is too high, or simply an individual who has an opinion on the matter here’s your chance to be heard. Submissions close on the 13th December 2016.
Even if you have no interest in making a submission but have an interest in understanding how payments systems work the issues paper makes great reading.
Other related posts:
CCTV exposed. Why understanding network security is so important.
Anker make some of the best USB chargers and powerbanks available. Now you can get their products shipped directly to New Zealand
United Airlines pulls out of New Zealand for Southern Hemisphere Winter – AKL/SFO becomes seasonal.
Comment by antoniosk, on 28-Oct-2016 09:27
$5 to book a $35 Jetstar flight. 60c to pay for a $2.50 carpark in Wellington. $4 with AirNZ flights unless you use their credit cards.
I would say there are egregious examples of taking the piss on a captive market.