NZ’s higher card transaction fees

New research by Covec shows that Kiwi retailers and consumers appear to pay substantially more than their overseas counterparts for credit and debit card transactions. “While standard EFTPOS transactions have generally been free for merchants and most consumers, contactless debit card transactions cost merchants an average one per cent in fees, while credit card transactions cost, on average, 1.4 per cent,” says Retail New Zealand general manager for public affairs, Greg Harford. 

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