This would seem to make it potentially quite expensive on small transactions?
People use cards for the most trivial amounts here in Australia. Apparently the typical transaction fees are apparently 0.5% for debit and 0.9% for credit, which means that yeah, I just wave my phone to buy a donut...
For banks not covered until the regulations that cap fee, the cost is only 1% + $0.04. But it seems the banks that are covered under the regulations are charging the max allowed, 0.05% + $0.21.
This would seem to make it potentially quite expensive on small transactions?
People use cards for the most trivial amounts here in Australia. Apparently the typical transaction fees are apparently 0.5% for debit and 0.9% for credit, which means that yeah, I just wave my phone to buy a donut...