Business Services Industry
Reform of debit card systems in Australia.
Australasian Business Intelligence, July, 2006
Jul 25, 2006 (Reserve Bank Bulletin - ABIX via COMTEX) -- In April 2006, the Reserve Bank of Australia (RBA) released a package of reforms to Australia's debit card systems. The package includes the standards to apply to Visa Debit interchange fees and Visa's "honour all cards" and "no surcharge" rules. These Standards will be gazetted only if Visa fails to provide the Bank with an undertaking that would deliver the same outcomes as the Standards. MasterCard provided such an undertaking and, consequently, there was no need for the RBA to consider designation of the MasterCard debit system.
Publication Date: July 2006
RESERVE BANK OF AUSTRALIA
MASTERCARD AUSTRALIA LIMITED
VISA INTERNATIONAL
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