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Least-cost Routing to Affect Tap-and-go Payments

A recent initiative by the Australian Government known as Merchant Routing has given merchants (eg, a shop or business) the ability to choose how your Visa Debit Card transactions are processed.

When you use contactless payments (‘tap-and-go’ / PayWave) with your Visa Debit Card, the merchant may choose to send the transaction via the debit network that costs them the least to accept. This is merchant routing (also known as Least-cost routing).

Merchants such as Coles, Wesfarmers and their subsidiaries have started to roll out software changes to update transaction routing capabilities on their EFTPOS machines where contactless payments are accepted. This software change will affect your Visa PayWave debit card transactions.

This means that your Visa PayWave Debit Card transactions can be redirected and charged as EFTPOS transactions instead of the Visa network or credit transaction. If you currently shop at any of the outlets owned by Coles and/or Wesfarmers including; Coles, Coles Express, Kmart, Target, Officeworks, Liquorland, or others with your Visa debit card frequently, you may potentially exceed your current fee-free transactions.

Be mindful that all EFTPOS transactions count towards your allocated free transactions. Unnecessary fees may occur should these redirected payments push you over your free transaction limit.

To avoid getting charged with excess EFTPOS transaction fees, simply insert your Visa debit card into the EFTPOS machine and select ‘Credit’. By choosing ‘Credit’, your payments will be processed via the Visa network and will not be counted as an EFTPOS transaction.

Find Out More About Least-cost Routing

Simply visit www.rba.gov.au/payments-and-infrastructure/debit-cards/least-cost-routing.html

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