Waiver of Requirement to Recalculate Interchange Fee Benchmark
December 2011
Credit Cards
The Reserve Bank waives the requirement to recalculate the cost-based measure and the common cost-based benchmark for the 2012/13 year in the designated credit card systems. The Bank previously waived the requirement for the 2009/10 year. As set out in the current standards, the benchmark of 0.5 per cent of transaction value calculated in September 2006 and announced in media release 2006-08 will continue to apply until the next scheduled recalculation in the 2015/16 year.
Visa Debit
The Reserve Bank waives the requirement to recalculate the benchmark for the 2012/13 year in the Visa Debit system. The Bank previously waived the requirement for the 2009/10 year. As set out in the current standards, the benchmark of 12 cents per transaction calculated in September 2006 and announced in media release 2006-08 will continue to apply until the next scheduled recalculation in the 2015/16 year.
EFTPOS
The Reserve Bank waives the requirement to recalculate the bilateral benchmark for the 2012/13 year in the EFTPOS system. The Bank previously waived the requirement to recalculate the benchmark for the EFTPOS system in the 2009/10 year. As set out in the current standards, the benchmark of between 4 and 5 cents per transaction paid to the acquirer for bilateral fees calculated in September 2006 and announced in media release 2006-06 will continue to apply until the next scheduled recalculation in the 2015/16 year.
As set out in the current standards, the multilateral benchmark will be the same as the benchmark applying to the Visa Debit system.
