New Zealand's Retailers Association has launched a campaign against fees charged by credit and debt card schemes and banks that it says are higher than in similar markets such as Australia and Britain.The Association called for more transparency on the fees and said that ultimately interchange fees charged by the scheme providers such as Visa and MasterCard and the big four banks would have to be regulated, as they are in Australia.The Association published research it commissioned from economic consultancy Covec that it said showed New Zealand consumers were paying more for credit and debt card transactions than retailers and consumers were paying in other markets.The report, Towards Fairer Payments Fees, and the campaign comes as New Zealand consumers rapidly shift from using bank-issued debit cards known as EFTPOS cards (which are generally free for retailers and consumers) to Visa and Mastercard scheme cards, often in contactless form.The Covec report said contactless debit card transactions cost retailers an average of one per cent, while credit card transactions cost around 1.4 per cent."For example, a New Zealand retailer taking a NZ$50 payment via a credit card transaction pays, on average, 70 cents in fees, while currently the same transaction would cost a UK retailer 50 cents, and an Australian retailer 42 cents," Association spokesman Greg Harford said."It's a little hard to understand why New Zealand retailers and consumers seem to be paying quite a bit more than their counterparts in overseas markets, except that most other jurisdictions now have agencies charged with providing oversight of bank and card fees," he said.Card fees are not regulated in New Zealand and are not monitored directly by either the Reserve Bank of New Zealand or the Commerce Commission. Many retailers absorb the interchange fees currently charged by banks and scheme providers, given consumers have become used to the widespread use of EFTPOS, where fees are not charged.Covec forecast the fees would cost NZ$3 billion over the next decade, rising from NZ$373 million in 2015 to NZ$711 million by 2024."It looks like New Zealanders are probably paying too much, particularly when costs are compared internationally, and we want to see greater transparency and oversight," Harford said.Covec wrote: "Given the similarities between the Australian and New Zealand markets, it is likely that direct regulation will ultimately prove to be the most appropriate way of regulating payments systems."It recommended the payments industry agree not to charge fees on inserted or swiped scheme debit cards and that an oversight regime be created."The costs are expected to rise substantially over coming years. Banks and card companies are incentivising customers to move away from traditional EFTPOS and adopting new forms of contactless payments, such as Visa PayWave and Mastercard PayPass," Covec wrote in the report."These come at a substantially higher acceptance cost for the merchant,which translates into higher prices for consumers, and a wealth transfer from New Zealanders to foreign-owned banks and credit card companies."In response, Mastercard New Zealand country manager Peter Chisnall said regulating interchange fees would hurt cardholders