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Labor MP Jerome Laxale held up a $5 note and asked Comyn why a coffee would cost only $5 if he used cash but $5.08 if he used a card. “It’s not a like-for-like comparison,” Comyn said. “Costs embedded for cash but not embedded for digital because the entire mechanism of electronic payments domestically and globally.” When asked why digital payments were being processed differently from cash, Comyn said historically that is just how it was charged in Australia.
There’s been a lot of investment in making the payments infrastructure much faster, cheaper. In this case for consumers, there are also risks associated with that.” He said Commonwealth Bank customers made 20 million payments every day and about 5 million were disputed each year, which contributed to the cost of card payments.
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