BNZ, Kiwibank and ANZ waves fees for contactless payment for SMEs. ASB said it would waive debit card contactless merchant fees to support businesses trading through Covid-19 alert levels 3 and 4. A major component of the merchant fee is the interchange fee - the fee paid between banks to accept the card transaction. Contactless debit card interchange fees will stay at 0.2 per cent or less and swiped and inserted debit card fees would stay at zero. ANZ Bank has also waived contactless debit payments for September.

Source: New Zealand Herald September 02, 2021 05:37 UTC