Fletcher Tabuteau MP

Spokesperson Commerce and Revenue
20 SEPTEMBER 2016

Credit Card Rip-Off Going on for Years

“National has known for years there has been a growing problem with the public getting ripped off with credit card charges,” says New Zealand First Commerce and Revenue Spokesperson Fletcher Tabuteau.

“This year alone, Kiwi businesses will pay an estimated $412m in extortionate merchant fees which are among the highest in the world.

“Europe, Australia and even China have all regulated this sector while New Zealand sat by and did nothing.

“Seven months ago Treasury recommended to the Minister of Finance that regulation was needed and only after agitation from New Zealand First has the government finally decided to do something.

“However, unless a sovereign ‘New Payments System is established’ we will find processing will be shifted offshore too.

“That’s massively concerning because as we move towards a cashless society, our entire payments system could be collapsed from abroad at the click of a mouse.

“It is time for decisive common sense action that’ll put hundreds of millions of dollars back into the pockets of business and consumers,” Mr Tabuteau says.

ENDS

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