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RESERVE BANK OF AUSTRALIA

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Designations

Made Under the Payment Systems (Regulation) Act 1998

Under Section 11(1) of the Payment Systems (Regulation) Act 1998, the Reserve Bank may designate a payment system if it considers that designating the system is in the public interest. This page provides links to current designations and to relevant media releases.

Designations under Section 11(1): Designated Payment Systems
System Date of Gazettal Media Release
MasterCard [PDF] 12 April 2001 2001-09
Visa [PDF] 12 April 2001 2001-09
Visa Debit [PDF] 23 February 2004 2004-01
EFTPOS System (Broad defintion) [PDF] 9 September 2004 2004-08
ATM System [PDF] 10 December 2008 2008-28
EFTPOS System (Narrow definition) [PDF] 12 June 2012 2012-15

Standards and Access Regimes Imposed by the Reserve Bank Under the Payment Systems (Regulation) Act

Under the Payment Systems (Regulation) Act 1998, the Reserve Bank has the power to impose an access regime on a payments system and to establish standards to be complied with by participants in the system. This page provides links to standards, interchange fee benchmarks calculated in accordance with standards, access regimes, exemptions from the interchange fee provisions of the Access Regime for the ATM System and relevant media releases.

Standards: determined under Section 18
Title System Commencement Date Date of Gazettal Media Release
Standard No. 2
Merchant Pricing for Credit Card Purchases (Compilation)
[PDF]
MasterCard 1 Jan 2003 27 Aug 2002
Variations:
12 Jun 2012
28 Nov 2012
2002-15

2012-15
2012-34
Standard No. 2
Merchant Pricing for Credit Card Purchases (Compilation)
[PDF]
Visa 1 Jan 2003 27 Aug 2002
Variations:
12 Jun 2012
28 Nov 2012
2002-15

2012-15
2012-34
Standard: The Setting of Wholesale (‘Interchange’) Fees in the Designated Credit Card Schemes (Compilation) [PDF] MasterCard,
Visa
1 Jul 2006 27 Apr 2006
Variation:
10 Dec 2008
2006-02

2008-28
Standard: The Setting of Interchange Fees in the Visa Debit Payment System (Compilation) [PDF] Visa Debit 7 Jul 2006 7 Jul 2006
Variation:
10 Dec 2008
2006-04

2008-28
Standard: The ‘Honour All Cards’ Rule in the Visa Debit and Visa Credit Card Systems and the ‘No Surcharge’ Rule in the Visa Debit System (Compilation) [PDF] Visa, Visa Debit 1 Jan 2007 7 Jul 2006
Variations:
12 Jun 2012
28 Nov 2012
2006-04

2012-15

2012-34
Standard: Interchange Fees in the EFTPOS System [PDF] EFTPOS
(Narrow definition)
1 Jul 2013 5 Dec 2012 2012-35
Interchange Fee Benchmarks
System Commencement Date Benchmark Media Release
The Bank has waived the requirement to recalculate these benchmarks for the 2012/13 year. The Bank has previously waived the requirement for the 2009/10 year. Under the current standards, these benchmarks will continue to apply until a scheduled recalculation in 2015/16.
EFTPOS System (Narrow definition) – Bilateral fees 1 Jul 2013 Same as the Visa Debit benchmark: 12 cents per transaction 2012-35
EFTPOS System (Narrow definition) – Multilateral fees 1 Jul 2013 Same as the Visa Debit benchmark: 12 cents per transaction 2012-35
MasterCard, Visa [PDF] 1 Nov 2006 0.50 per cent of transaction value 2006-08
Visa Debit or PDF 1 Nov 2006 12 cents per transaction 2006-08
Access Regimes: imposed under Section 12
System Commencement Date Date of Gazettal Media Release
1. In November 2012, the Payments System Board made an in-principle decision to revoke the Access Regime for the EFTPOS system when it was satisfied that suitable access arrangements had been put in place. The Board considers that this condition is likely to be met when three major banks have connected to the eftpos Hub.
MasterCard [PDF] 23 Feb 2004 23 Feb 2004 2004-02
Visa [PDF] 23 Feb 2004 23 Feb 2004 2004-02
Visa Debit [PDF] 1 Sep 2005 22 Aug 2005 2005-10
EFTPOS System (Broad definition)1 [PDF] 13 Sep 2006 13 Sep 2006 2006-06
ATM System (Compilation) [PDF] 3 Mar 2009 24 Feb 2009
Variation:
29 Aug 2012
2009-03

2012-24
Access Charge Benchmark
System Effective Benchmark
EFTPOS (Broad definition) From 1 January 2010 to 31 December 2013 $87,776
From 1 January 2014 to 31 December 2017 $97,130
Exemptions from Paragraphs 11 and/or 12 of the
Access Regime for the ATM System
Exemption Number Description Commencement Date
The Reserve Bank may grant an exemption to a participant in the ATM system from any or all of the requirements of paragraphs 11 and 12 of the Access Regime for the ATM System in accordance with paragraph 16 of the Access Regime.
No 1 of 2009 [PDF] Arrangement between Cashcard Limited and Bank of Western Australia Limited in relation to Commonwealth Bank of Australia. 16 Jul 2009
No 1 of 2012 [PDF] Arrangement among ATM industry participants in relation to ATM access for very remote Indigenous communities. 29 Aug 2012

Undertakings

On several occasions, organisations have provided written undertakings to the Reserve Bank in relation to standards determined under section 18 of the Payment Systems (Regulation) Act 1998. Even though these undertakings have not been imposed by the Bank, they can affect the operation of those organisations and are included here for completeness.

In August 2002, American Express and Diners Club provided the Reserve Bank with written undertakings to remove restrictions preventing merchants from charging any fee or surcharge for the use of their cards. American Express revised its undertaking in September 2004 following a corporate restructure. Both American Express and Diners Club provided revised undertakings to the Reserve Bank in March 2013 to reflect changes to the Surcharging Standards that became effective in March 2013.

In July 2006, MasterCard provided the Reserve Bank with a written undertaking to voluntarily comply with the Debit Interchange Standard, and with the ‘Honour All Cards’ and the ‘No Surcharge’ Standard. A revised undertaking reflecting the March 2013 changes to the Surcharging Standards was provided to the Reserve Bank in January 2014.

Undertakings
Title System Commencement Date Media Release
American Express Undertaking [PDF] American Express 18 Mar 2013 2002-15
Diners Club Undertaking [PDF] Diners Club 18 Mar 2013 2002-15
Debit MasterCard Undertaking [PDF] Debit MasterCard 6 Jan 2014 2006-04