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Visa, ABA urge Aussie regulators to reform interchange rules

March 26, 2006

Datamonitor:In 2003 the Reserve Bank of Australia enforced reforms to the credit card payment system, which reduced interchange fees. Visa and the Australian Bankers Association are hoping for a review of the reforms, arguing that consumers could suffer in the future. Visa suggests that when the RBA decided to reduce the fees it did not accurately take into account the cost of future investments. That cost, the company said, could reduce accessibility to credit because of the lack of funds available to maintain POS terminals. Customers therefore will suffer because of the lack of infrastructure and ability to use their credit cards.

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