New Zealand's Commerce Commission on Wednesday issued a draft decision to reduce the fees that local businesses pay to accept Visa and Mastercard payments.
The New Zealand Commerce Commission has decided to reduce the fees that local companies pay for accepting Visa and Mastercard payments, effective from December 17, 2024. This decision follows a review which found that the current interchange fees were not promoting competition or efficiency in the payment systems market. The reduction aims to lower costs for businesses, potentially leading to lower prices for consumers. The new fee structure will apply to transactions made with these cards, which are widely used in New Zealand. The Commission's move is part of a broader effort to regulate payment systems to ensure they are fair, efficient, and competitive. Visa and Mastercard have expressed concerns about the decision, suggesting it might impact their ability to invest in security and innovation. However, the Commerce Commission believes the changes will benefit the economy by reducing the cost of transactions.
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