ASB welcomes the Government's announcement today that it will introduce a bill later this year to reduce and regulate merchant service fees in New Zealand.
ASB's Executive General Manager Business Banking Tim Deane says the changes are timely and necessary.
"ASB has been a supporter of regulatory intervention to help get the balance right for businesses paying merchant service fees, recognising that card payment networks are a complex eco system involving multiple payment and financial services parties.
"A large portion of the fee relates to interchange fees and we support the Government’s moves to reduce these fees and ensure all payment providers operate on a level playing field."
In December last year, ASB led the way by implementing a substantial rebate for small and medium sized ASB business customers as it waited for the Government to conclude its consultation with the payments industry on the future of merchant fees.
Mr Deane says ASB is pleased today’s announcement will ensure more money stays in the hands of business customers during what is shaping up to be another tough trading year for many due to the ongoing effects of the COVID pandemic.