New Mastercard, Visa interchange fee caps proposed in New Zealand
( June 4, 2026, 01:40 GMT | Official Statement) -- MLex Summary: New Zealand's competition watchdog has proposed new interchange fee caps for commercial credit cards, building on regulations introduced in 2022, in an attempt to lower barriers to alternative payment methods such as open banking. In a statement on Thursday, the regulator said New Zealand businesses pay almost NZ$125 million ($73.3 million) each year in interchange fees to accept Mastercard and Visa commercial credit cards. The New Zealand Commerce Commission said it expects the new caps will support more effective competition between payment methods. The regulator is seeking views on its draft decision to introduce the new caps until July 13. Interchange fees are paid by business' payment providers to the customers’ card issuers for each Mastercard and Visa transaction.Statement follows. Draft decision, reasons paper and explainer document are attached....
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