Reserve Bank of Australia to stop credit card surcharges

By Raphael Michilis
The era of abusive credit cards fees in Australian retailers might soon come to an end, as the Reserve Bank of Australia announced today that merchants will be forbidden to profit from credit card fees.

The new rules set by RBA’s Payment System Board determines that , from 1st January 2013, Australian retailers will be allowed to only charge customers fees enough to cover their expenses with the card transaction.

"The bank believes that there is sufficient evidence to suggest that such practices [credit card surcharges] are now relatively widespread and that the use of the freedoms provided to merchants by the (previous) surcharging reforms is (sic) no longer entirely in line with the original intent of the reforms," said RBA in an official statement.

The new regulation will also allow card providers such as Visa and MasterCard to take action against businesses who charge excessive fees.

"The Bank intends that its variation will improve price signals by enabling a card scheme to address cases where merchants are clearly surcharging at a higher level than is justified for acceptance of its card products."

The Reserve Bank of Australia has also commenced a re-evaluation of the system governing EFTPOS (electronic debit card) transactions and said a new regulation might come into force by January 2014.


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Union Bank of India, NCR Corporation launch talking ATM for visually impaired

By Raphael Michilis

The Union Bank of India and the manufacturer NCR Corporation launched the country’s first ATM for visually-impaired and other physically-challenged customers.

The cash dispenser, dubbed talking ATM, gives customers instructions through a headphone and is fitted with Braille keyboard.

The machine was installed at the campus of the Blind People’s Association and is accessible with wheelchair.

“This ATM will prove to be a milestone, “ said Shri D. Sarkar, Union Bank of India Chairman and Managing Director, during the ATM’s launch. 

The first talking ATM is also the bank’s 4,000^th ATM, and meets demands of a 2008/2009 Reserve Bank of India circular which determines the offer of ‘ATM for differently-abled’ customers.

The talking ATM will also support transactions using cards from other banks, informed UBI.

The state-owned bank informed it plans to install 5000 ATMs by end of March 2013, but did not specify how many will be dedicated to disabled people.

Despite its inclusive nature, the talking ATM has also inspired criticism in that country. The Indian newspaper Rupee Times raised concerns around the safety features of the new device.

“Currently there are security questions as the screens would not be blanked while in use, compromising the security of the user,” read the article published on July 7.