Tyro shares sink on government review of card surcharging
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The news: Shares in Tyro Payments plunged on the ASX as the Reserve Bank of Australia released an issues paper as part of a review into merchant card payment costs and surcharging.
The numbers: Tyro shares were down 16% to 76 cents by 2:15pm AEDT.
The context: The sell-off has been driven by news that the federal government is planning to crack down on card surcharges. The government said it is prepared to ban debit card surcharges from January 2026, subject to the review underway by the Reserve Bank.
Additionally, the Australian Competition and Consumer Commission has been tasked with monitoring illegal or unfair surcharging practices.
This development could have a negative impact on payment companies like Tyro, which reported a four-fold increase in full-year profit in August.
