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In Australia, all in-person card transactions above the $100 PayWave/PayPass limit require PINs. Fraud cause from in-person transactions is very low and hence
by kondro 9y ago
In Australia, all in-person card transactions above the $100 PayWave/PayPass limit require PINs.
Fraud cause from in-person transactions is very low and hence our merchant fees are also very low. 10-20¢ for debit transactions and approx. 1.2% for credit transactions.
- NamTaf 9y agoIf even that. You're usually hard-pressed to find people who charge a transaction fee (that is, not built into the price of the goods/service). I can think of a handful I encounter with any level of semi-regularity.
- kondro 9y agoI was talking about the underlying merchant fees. In the US, it’s not unusual to pay 3% on cars transactions and I can’t help think that a large part of that is to deal with fraud. After all, Australian banks are some of the most profitable per customer in the world.