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Cheaper Tap-And-Go Payments On Way To Save Businesses Millions

Major changes are underway in the processing of tap-and-go payments, according to the ANZ Bank.

Following a 2017 threat of industry-wide regulation from the Reserve Bank, ANZ and Westpac have recently started allowing business owners to decide if they want contactless debit card payments to be processed by Eftpos, according to a Sydney Morning Herald report.

Previously, it says, such payments were processed by Visa or Mastercard, which often resulted in higher costs for businesses.

The changes, which are also said to be under study at Suncorp and the Commonwealth Bank, are estimated to save businesses tens of millions of dollars.

ANZ’s payments and merchant services lead John Collins said the bank believes a large proportion of its customers is likely to take up the new offerings.

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