According to a recent article in the Sydney Morning Herald, ANZ, Westpac and Suncorp have recently joined Tyro in offering their merchant customers the choice to route contactless debit transactions on multi-network debit cards.
The article said Tyro recently reported that its clients have saved $2.7 million in fees since it introduced least-cost routing last year.
In February, the RBA’s Payments System Board issued a statement about routing. It said: “Least-cost routing of debit card transactions. Members were briefed on the progress of the major banks and the expectation that some would be making this functionality broadly available in coming months. Members welcomed indications of the resulting downward pressure on payment costs for merchants”.
The Executive Director of the Australian Retailers’ Association, Mr Russell Zimmerman, said the ARA strongly encourage merchants to consider routing debit transactions via the eftpos network, to secure the vibrancy of the Australian retail industry and the sustainability of the economy.