Transparency of eftpos Interchange Fees
The Standard on The Setting of Interchange Fees in the EFTPOS System requires eftpos acquirers to report to the Reserve Bank each year the range of eftpos interchange fees that they have received from their bilateral interchange agreements. For the 2010/11 financial year, the industry range of bilateral eftpos interchange fees on purchase-only transactions was 4.0 to 5.0 cents – in line with the range of fees currently allowed by the Standard.
The Standard also requires that eftpos Payments Australia Limited publish any multilateral interchange fees applying to eftpos transactions on its website or otherwise make these fees publicly available.
