Debit and credit card schemes in Australia.

0 Comments | M2 Presswire, October, 2000

M2 PRESSWIRE-10 October 2000-ACCC: Debit and credit card schemes in Australia (C)1994-2000 M2 COMMUNICATIONS LTD RDATE:10102000 The Payments System Board of the Reserve Bank of Australia and the Australian Competition and Consumer Commission today released, for public discussion, a study on an important aspect of the Australian payments system - the networks for ATMs, credit cards and debit cards.

The study deals with interchange fees and the conditions of entry to these networks. Financial institutions agree and pay interchange fees to one another when their customers make credit and debit card transactions or use another institution`s ATMs. Interchange fees are "wholesale" fees which are not seen by consumers, but which have important effects on...