Home topics news Image Credit: Emil Kalibradov News News Big savings for Aussie online payments Yajush Gupta March 27, 2023 Australian financial platform, Airwallex, has reduced the cost of processing online payments made through domestic credit and debit cards by almost 30 per cent, allowing businesses in Australia to save up to $12,000 per year. Starting from March 27th, both new and existing customers of Airwallex will enjoy a 45 basis point decrease in the fees they pay to process online payments using domestic credit and debit cards, with a new rate of 1.20 per cent per payment plus 30 cents. According to the company, this new rate is significantly lower than other major providers charging between 1.75 per cent and 2.20 per cent plus 30 cents for online payments. The new payment processing fees offered by Airwallex can result in significant savings for businesses in Australia. For instance, an average business that processes $100,000 worth of domestic transactions each month could save up to $12,000 per year compared to other providers that charge up to 2.2 per cent. Similarly, a smaller business that processes $20,000 a month could save $2,400 per year, while a business processing $50,000 per month could save $6,000 annually. Airwallex Head of Strategy for Australia, Matt Sek, said the price drop would save businesses thousands of dollars in transaction costs, particularly leading into the busy Easter and Mother’s Day periods. “We know the cost of doing business has only been going up, so cutting back