The ABA provided comments to the Joint Select Committee on Gambling Reform in relation to the Interactive Gambling and Broadcasting Amendment (Online Transactions and Other Measures) Bill 2011.
The Australian Bankers’ Association (ABA) has been considering possible approaches to balancing the twin goals of putting downward pressure on merchant surcharges but, in doing so, not imposing large compliance costs on merchants, banks and schemes, or risking unintended consequences through price regulation.
Banks have an interest in this issue because even though banks have no control over whether merchants impose surcharges, or the level of those surcharges, research shows that many consumers believe card surcharges are actually imposed by banks.
Open Banking will allow customers, at their request, to share their personal information with other financial institutions to allow them to find a better deal on expenses such as electricity bills, telecommunications and other items.
Download PDF