Govt KiwiSaver cut ‘final nail in the coffin' for self-employed
Data compiled from accounting fintech Hnry's latest sole trader pulse check highlights negativity following the change, with 52 percent of the 502 self-employed workers polled, actively opposing the cut. Forty-three percent say it will alter their saving behaviour and 24 percent plan to reduce their contribution as a result of the change.
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NZ Herald
10 minutes ago
- NZ Herald
Government to ban card payment surcharges, businesses to pick up the tab
The cost of providing contactless payments will fall on merchants. Photo / Andrey Mikhaylov Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech. Already a subscriber? Sign in here Access to Herald Premium articles require a Premium subscription. Subscribe now to listen. Government to ban card payment surcharges, businesses to pick up the tab The cost of providing contactless payments will fall on merchants. Photo / Andrey Mikhaylov The Government is planning to ban merchants from adding surcharges to most in-store card payments. The change will save shoppers, but cost merchants, who will need to absorb the cost of offering contactless payments or pass it onto customers by hiking prices. The change is expected to be made by May next year. It will apply to payments made in-store using Eftpos, Visa and Mastercard but won't apply to purchases made online or with foreign-issued cards, prepaid gift or travel cards, and cards issued by networks like American Express or UnionPay. Commerce and Consumer Affairs Minister Scott Simpson said: 'Surcharges are a hassle and an unwelcome surprise when shoppers get to the till.
Otago Daily Times
10 minutes ago
- Otago Daily Times
Plan to ban credit card and PayWave surcharges
The government plans to ban surcharges on card payments in-store, saving shoppers from being stung with surprise fees when paying with contactless technology. Commerce and Consumer Affairs Minister Scott Simpson announced the change on Monday afternoon, declaring: "That pesky note or sticker on the payment machine will become a thing of the past." "Shoppers will no longer be penalised for their choice of payment method, whether that's tapping, swiping or using their phone's digital wallet." Legislation is expected to be introduced to Parliament by the end of the year, with the ban to kick into effect no later than May 2026. The proposed law would cover most in-store payments made using Visa and Mastercard debit and credit cards, as well as EFTPOS, but not online purchases or other international card schemes. The move follows growing public frustration at the cost and transparency of such surcharges. Retailers are increasingly using them to recover merchant service fees charged by banks and payment providers, but the fees are often added without clear explanation. The Commerce Commission estimates New Zealanders are paying up to $150 million in surcharges each year - including $45 to $65 million in what it considers excessive charges. In March, Consumer NZ called for an outright ban, citing hundreds of complaints about fees being too high, confusing or oblique. Both Mastercard and Visa have also supported proposals for a ban. Retail NZ has previously argued businesses did not like charging extra but should have the right to recover payment costs. It called for more clarity from banks about the fees charged for different services. The ban builds on the Commerce Commission's recent decision to reduce the interchange fees imposed on businesses for accepting Visa and Mastercard payments. Interchange fees make up approximately 60% of merchant service fees. "A ban on surcharges means no more surprises for people who currently feel like they're being charged to use their own hard-earned money," Simpson said. "It means they can make a purchase knowing exactly what they'll pay, and how they'll pay it." The changes would bring New Zealand into line with the United Kingdom and the European Union, where such surcharges are already prohibited. Australia still allows surcharges but requires them to reflect the actual cost to retailers. The Reserve Bank of Australia has also recently proposed an outright ban on surcharges for EFTPOS and debit and credit card payments.
Otago Daily Times
10 minutes ago
- Otago Daily Times
Govt to ban surcharges on in-store payments
The government plans to ban surcharges on card payments in-store, saving shoppers from being stung with surprise fees when paying with contactless technology. Commerce and Consumer Affairs Minister Scott Simpson announced the change on Monday afternoon, declaring: "That pesky note or sticker on the payment machine will become a thing of the past." "Shoppers will no longer be penalised for their choice of payment method, whether that's tapping, swiping or using their phone's digital wallet." Legislation is expected to be introduced to Parliament by the end of the year, with the ban to kick into effect no later than May 2026. The proposed law would cover most in-store payments made using Visa and Mastercard debit and credit cards, as well as EFTPOS, but not online purchases or other international card schemes. The move follows growing public frustration at the cost and transparency of such surcharges. Retailers are increasingly using them to recover merchant service fees charged by banks and payment providers, but the fees are often added without clear explanation. The Commerce Commission estimates New Zealanders are paying up to $150 million in surcharges each year - including $45 to $65 million in what it considers excessive charges. In March, Consumer NZ called for an outright ban, citing hundreds of complaints about fees being too high, confusing or oblique. Both Mastercard and Visa have also supported proposals for a ban. Retail NZ has previously argued businesses did not like charging extra but should have the right to recover payment costs. It called for more clarity from banks about the fees charged for different services. The ban builds on the Commerce Commission's recent decision to reduce the interchange fees imposed on businesses for accepting Visa and Mastercard payments. Interchange fees make up approximately 60% of merchant service fees. "A ban on surcharges means no more surprises for people who currently feel like they're being charged to use their own hard-earned money," Simpson said. "It means they can make a purchase knowing exactly what they'll pay, and how they'll pay it." The changes would bring New Zealand into line with the United Kingdom and the European Union, where such surcharges are already prohibited. Australia still allows surcharges but requires them to reflect the actual cost to retailers. The Reserve Bank of Australia has also recently proposed an outright ban on surcharges for EFTPOS and debit and credit card payments.
