....and many businesses do not accept nor have the facility to accept the good old "legal tender", the definition of which is that it "must be accepted". Line this up with the original promise that EFTPOS would never be subject to fees and see where we are. Back to the government abrogating it's responsibility to provide and regulate a uniform medium of exchange, leaving that job to outside contractors who having cornered the market start to squeeze it. A great many goldsmiths were willing to profit but not to make good on their notes not so terribly long ago...

Crypto-currencies might wind up on top after all...

Rusty

Paywave is a major problem as I have accidently waved a customers card when going to insert it, or customers have done that themselves, it really should be a customers choice to have, or not have it.

The banks will honour any transactions that have been done as it happened to my daughter.

She was on a train and someone stole her purse, along with her licence and cc. She called the bank an hour latter and they said the card had been used a half hour ago at southbank, so she called the police and they tracked down the thieves, not before they spent $99 on PW. The bank reimbursed her funds. But, I'm sure the underlying motive is so the banks can charge more fees for overdrawn an account unintentionally.
The other issue is the changed options, once again I feel the motive here is to charge fees because what used to be a saving account, can now be credit which can attract fees. Not only that but shoppers can accidently over spend then think they have more funds than they thought.
The more I think about it the more I think its a legalized scam and perhaps we do need a RC into banking, because lets face it, the ACCC is a toothless tiger and the banks think they are untouchable.