CBA Slashes Merchant Fee Ahead of Card Surcharging Ban

The Commonwealth Bank of Australia (CBA) is reducing its merchant service fee to 0.99% per transaction for in-store payments from 1 October.

This move comes as card surcharging in Australia will end on the same date, covering eftpos, Visa, Mastercard, American Express, JCB, and UnionPay transactions.

CBA expects this fee reduction to help businesses manage costs and keep growing.

The bank's executive general manager for small business banking, Rebecca Warren, stated that the fee cut was a practical way for CBA to support businesses in these challenging times.