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Mastercard, Visa the target of New Zealand regulator's probe of payment-network fees

( July 23, 2024, 01:30 GMT | Official Statement) -- MLex Summary: Fees imposed on New Zealanders for the use of Mastercard and Visa payment networks are the subject of a consultation by the country’s competition watchdog, which says it’s ready to intervene to reduce costs by “hundreds of millions of dollars a year.” In a statement, the New Zealand Commerce Commission said that consumer spend around NZ$95 billion ($56.74 billion) a year using Mastercard and Visa, costing businesses and consumers around NZ$1 billion a year — a cost that the regulator considers “too high, especially when compared to our international peers.” The Commerce Commission is seeking submissions until Aug. 20, 2024.The New Zealand Commerce Commission consultation on card payments is attached; and the full statement follows: ...

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