Australian Credit Card Issuers Brace for Fees Cut
The Age reports from Melbourne that "the Reserve Bank of Australia (RBA) is currently considering reducing to zero the fees banks charge to process transactions made using other banks' cards, also known as interchange fees."
Philip Lowe, Assistant Governor (Financial System) of the Reserve Bank of Australia, spoke earlier today on the topic of "Reform of Australia's Payments System: The 2007/08 Review" at the 4th International Consumer Credit Card Summit being held in Sydney, Australia. In his speech, he noted that "merchants’ acceptance decisions and their ability to influence how payments are made by their customers can potentially play an important role in influencing the competitive dynamics in the payment systems."
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