* Surcharges costing consumers $1.6 billion a year will be removed on EFTPOS, Mastercard and Visa card transactions
* The cap on interchange fees paid by businesses will be lowered, forecast to save them $910 million a year and offset some of the surcharge changes
* Card networks will have to publish the fees they charge to increase transparency and competition
WHAT'S NOT CHANGING
* Menu prices, potentially - cafes and restaurants sector says prices will rise to cover card fees
WHAT PEOPLE ARE SAYING
"Australians absolutely hate this idea there's a sneaky charge when you tap." -Treasurer Jim Chalmers
"This is a sad day for restaurants, cafes and consumers around Australia, who will be forced to raise menu prices to cover merchant fees in the middle of an inflation spike and cost-of-living crisis." - Australian Restaurant and Cafe Association CEO Wes Lambert
"What was the purpose of the whole exercise if it wasn't to decrease costs for consumers?" - Australian Hotels Association CEO Stephen Ferguson
"The RBA's decision will see foreign multinationals extract an increasing share of revenue from the payments system to the long-term detriment of Australia." - Australian Banking Association CEO Simon Birmingham
"Card payments will be simpler, more transparent, and most importantly, more affordable for consumers. In a cost-of-living crisis, this fair, free way to pay is more important than ever." - Choice head of policy Morgan Campbell
"Businesses are left with the unenviable dilemma of either moving transaction burden from the checkout to the price tag, or worsening their own cashflow crisis, potentially pushing them towards closure." - GoCardless GM ANZ Ian Boyd
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