Removing the fees attached with using your debit card for transactions would be welcomed by many Australians, including many older Australians who are struggling with the increasing difficulties associated with paying with cash for goods, COTA Australia says.
COTA Australia – the leading advocacy organisation for older people – welcomed news today that the ACCC will receive funding to tackle excessive surcharges today, as well as the Federal Government's indication that it will investigate the option of banning debit card surcharging from 1 January 2026, subject to the consultation undertaken by the Reserve Bank of Australia.
COTA Australia Chief Executive Officer, Patricia Sparrow, said giving Australians access to a 'digital cash' solution that isn't eaten up by fees is crucial.
"Being charged additional fees is a bugbear of many older people who are concerned about the increasing removal of cash as a payment option," Ms Sparrow said.
"As it becomes harder and harder to pay with cash, people are being left with no option to pay for goods that doesn't seem them hit them with additional charges.
"Removing fees attached to debit cards is a long overdue reform that would be very welcomed by many Australians, including older Australians.
"While it's still important that steps are taken to ensure people, including older people, are able to pay cash, there's no doubt that consumers should have access to another fee free payment solution into the future.
"It's fantastic that the Federal Government is exploring this option and we look forward to ensuring the voices of older people are heard throughout the investigation and consultation period."
