Visa urges timely action to help keep access to affordable credit for Australians
03/31/2026
Visa warns that the decisions announced today by the Reserve Bank of Australia (RBA) could quickly raise the cost of credit and squeeze access for Australians.
Following the release of the RBA’s Conclusions Paper on its Review of Merchant Card Payment Costs and Surcharging, Alan Machet, Visa’s Group Country Manager for Oceania, outlined the urgent steps that must be taken to preserve Australia’s leadership in delivering convenient, secure and safe payments.
Machet said: “Removing surcharging across debit and credit payments is the right move and this should keep prices in check for consumers so they only pay what they see on the tin.”
“That said, until there is parity in regulation across all payment methods in Australia, more expensive, unregulated options will continue to bring up the overall cost for consumers and businesses.”
“The next phase of this review will be critical to ensuring Australia maintains a globally competitive payments system, with consistent rules across all participants, support for crossborder commerce and the ability to keep investing in secure, future-ready technology."
The RBA has cut the funding that keeps Australia’s economy running smoothly
While contactless has become the default way for Australians to pay – 95% of in-person card payments in Australia today are contactless – the infrastructure that allows that convenience is the result of many years of investment by banks and other providers.
“As consumers, we take for granted the ease of checkout we enjoy today – and while the rest of the world moves ahead, investing in the infrastructure for secure modern payments, I’m not sure that Australia will have the ability to keep up anymore.”
Machet continued: “Visa will always protect transactions on the Visa network but, whether it’s agentic AI or quantum computing coming down the line, I’m worried that the Australian ecosystem won’t have the funding to make sure its infrastructure is ready for those changes.”
"Payments today are not just a transaction – they are a bundle of services that support fraud prevention, cybersecurity, reliability and new digital capabilities. Getting the settings right matters, and Visa is committed to working constructively with regulators and partners to protect consumer choice, simplify the checkout experience and keep digital commerce working smoothly for Australians."
Visa continues to support Australian consumers and businesses by helping the ecosystem adapt to change, guiding clients and partners through the implications of these reforms, and engaging with government to ensure Australia remains an attractive, innovative and trusted place to do business in a rapidly evolving global payments landscape.
Impact of international transaction caps
Finally, Visa’s calculations estimate a 1 per cent drop in foreign purchase authorisations on card not present transactions would equate to over $100 million in lost sales for Australia sellers, suggesting the caps announced on funding for international transactions into Australia could lead to lost sales for local businesses.
Machet added: "Cross-border transactions differ fundamentally from domestic ones – they span multiple markets, involve more than one regulatory framework and carry significantly higher fraud and operational costs.”
“Sectors that depend on international visitors like tourism, hospitality and retail will be more deeply impacted by the caps placed on international transactions.”
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, sellers, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Learn more at Visa.com.