Retail NZ is criticising the Commerce Commission's regulatory change to card payment fees.

The Commission today announced new regulations on interchange fees, reducing charges to businesses for taking Visa and Mastercard payments.

Retail NZ Chief Executive Carolyn Young says it's a complex issue - and these changes won't address everything.

"This is one part of the merchant service fee, there's about 5 or 6 fees depending on how you structure your payment portfolio that may cut the merchant service fee. The Commerce Commission has said they won't get that fee down to one percent maximum."

LISTEN ABOVE

Retail NZ is criticising the Commerce Commission's regulatory change to card payment fees.
The Commission today announced new regulations on interchange fees, reducing charges to businesses for taking Visa and Mastercard payments.
Retail NZ Chief Executive Carolyn Young says it's a complex issue - and these changes won't address everything.
"This is one part of the merchant service fee, there's about 5 or 6 fees depending on how you structure your payment portfolio that may cut the merchant service fee. The Commerce Commission has said they won't get that fee down to one percent maximum."
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

Carolyn Young: Retail NZ Chief Executive on the Commerce Commission announcing new regulations for interchange fees

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/104a2d8a-fed1-47ce-a10e-b31d00537974/transcript