Consumers using mobile payments technology have cast aside their debit cards and now use their mobile phone for many purchases, particularly when buying groceries or takeaway meals.
EFTPOS Payments provider Tyro Payments wants the fees banks and other financial institutions charge each other for processing credit and debit cards to be abolished.
Tyro Payments CEO Jost Stollmann claims low income Aussies are paying up to $500 million a year in unnecessary credit and debit card fees to subside richer Australians due to what he says are “hidden billing practices” of the largest banks.
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Good man :)