NSW: Big retailers target Eftpos reforms

AAP General News (Australia)
12-19-2003
NSW: Big retailers target Eftpos reforms

SYDNEY, Dec 19 AAP - A consortium of large retailers believe reforms to the Eftpos
system will cost them $15 million a month, it was reported today.

The Australian Financial Review newspaper said the Australian Retailers Association
and a group of companies, including Australia Post and McDonalds, will appeal an ACCC
ruling on Eftpos reform.

The reform is aimed at boosting competition and removing $150 million in hidden fees
the banks charge within themselves every year.

The appeal is expected to delay the reform process for at least several months while
the tribunal makes its decision.

The reforms were due to come into effect next month, with changes to fees guaranteed by April.

Westpac is the only bank to guarantee it will pass on the reductions in full to consumers
through lower Eftpos charges.

AAP kjd/tma

KEYWORD: EFTPOS

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