Zepto President & Co-Founder Chris Jewell supports the RBA’s move to ban card surcharges

By Chris Jewell, President & Co-Founder of Zepto

The Reserve Bank of Australia’s recent review into merchant card payment costs has significant implications for merchants, payment providers, and consumers. Simply put, removing surcharges will make it easier for both businesses and everyday Australians to understand exactly what they’re paying for when they make a purchase. Zepto welcomes reforms aimed at achieving this.

Beyond support for fairness and simplicity, there are three key areas of consideration in this proposed transition. First, it’s essential that these reforms maintain healthy competition within the payment service provider (PSP) ecosystem; we hope to see continued innovation and choice for merchants as these changes take effect.

Secondly, while lower interchange caps will benefit most merchants, it’s important regulators strike a balance that supports both large PSPs and smaller fintechs. An ecosystem that nurtures innovation across all players is vital for a healthy payments landscape.

Finally, the removal of surcharging only strengthens the case for account-to-account (A2A) payment alternatives like PayTo. As merchants reassess their payment strategies in light of these changes, we see a growing role for real-time, bank-account-based payment solutions as the more cost-effective and transparent option. With an expected implementation date of 1 July, 2026, there’s a clear runway for businesses to review and adjust their payment strategies, and we look forward to supporting them with their transition.