The big Australian banks are ranking in millions of dollars from EFTPOS transaction fees charged when a customer taps their card instead of using cash.

Editor at large of Canstar, Effie Zahos, told Ben Fordham that if you use MasterCard, the fees are about $0.47, whereas Amex is more expensive at a $1.34 surcharge.

Small businesses are also suffering as they have to pay to use an EFTPOS machine in their shop.

“The business will incur this cost. So I do feel some pain for them as well,” said Ms Zahos.

Hear more highlights from Ben Fordham Live in the playlist below and give us a follow on Apple Podcasts: