Apple, Google respond to payment cost heat by backing eftpos
James EyersSenior Reporter
US tech giants Apple and Google will let Australian retailers choose to send customers’ tap-and-go smartphone payments to the lower-cost eftpos network, something their digital wallets have prevented to date.
The move – which will see more transactions processed by the domestic eftpos scheme, as banks replace existing debit cards in the market – is partly a response to growing political heat on payment costs, including customers being surcharged for using debit cards.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
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