Australia: Heading Towards Zero Interchange?
Katherine Jimenez reports for The Australian about comments made by Reserve Bank of Australia assistant governor Philip Lowe to the parliamentary House Economics Committee saying that a zero interchange fee policy was "an interesting idea worth further exploration".
It is the first time the RBA has flagged where its sweeping payment system reforms - which started in 2003 - might be heading, but it prompted strong warnings from ANZ and the Australian Bankers Association yesterday.Mr Lowe agreed that some of the side-effects of a zero fee interchange policy would change certain functions of the credit cards. He said it was "too early to conclude zero interchange fees are the right answer".
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