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RESERVE BANK OF AUSTRALIA

Current Regulatory Framework

Under the Payment Systems (Regulation) Act 1998, the Reserve Bank has the power to designate a payment system, 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 designations, standards and 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.

On several occasions, organisations have provided written undertakings to the Bank. These undertakings are listed here for completeness because they affect the operation of the organisations even though they have not been imposed by the Bank.

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Credit and Charge Cards

Regulations and Undertakings
Title System Commencement Date Date of Gazettal Media Release
The original undertakings by American Express and Diners Club were provided in August 2002. The American Express undertaking was revised in 2004 following a corporate restructure. Both were revised in 2013 to reflect changes to the Surcharging Standards that became effective in March 2013.
Designation [PDF] MasterCard 12 Apr 2001 12 Apr 2001 2001-09
Designation [PDF] Visa 12 Apr 2001 12 Apr 2001 2001-09
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 ‘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
Access Regime [PDF] MasterCard 23 Feb 2004 23 Feb 2004 2004-02
Access Regime [PDF] Visa 23 Feb 2004 23 Feb 2004 2004-02
American Express Undertaking [PDF] American Express 18 Mar 2013 - 2002-15
Diners Club Undertaking [PDF] Diners Club 18 Mar 2013 - 2002-15
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.
MasterCard, Visa [PDF] 1 Nov 2006 0.50 per cent of transaction value 2006-08

Debit Cards

Regulations and Undertakings
Title System Commencement Date Date of Gazettal Media Release
1. 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 ‘No Surcharge’ Standard. This undertaking was revised in January 2014 to reflect changes to the Surcharging Standards that became effective in March 2013.
2. 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.
Designation [PDF] Visa Debit 23 Feb 2004 23 Feb 2004 2004-01
Designation [PDF] EFTPOS
(Broad definition)
9 Sep 2004 9 Sep 2004
2004-08
Designation [PDF] EFTPOS
(Narrow definition)
12 Jun 2012 12 Jun 2012 2012-15
Standard: Interchange Fees in the EFTPOS System [PDF] EFTPOS
(Narrow definition)
1 Jul 2013 5 Dec 2012 2012-35
Standard: The Setting of Interchange Fees in the Visa Debit Payment System (Compilation)1 [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)1 [PDF]

Visa, Visa Debit

1 Jan 2007 7 Jul 2006
Variations:
12 Jun 2012
28 Nov 2012


2006-04

2012-15

2012-34
Access Regime [PDF] Visa Debit 1 Sep 2005 22 Aug 2005 2005-10
Access Regime2 [PDF] EFTPOS (Broad definition) 13 Sep 2006 13 Sep 2006 2006-06
Debit MasterCard Undertaking [PDF] Debit MasterCard 6 Jan 2014 - 2006-04
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
Visa Debit or PDF 1 Nov 2006 12 cents per transaction 2006-08

ATM System

Regulations
Title Commencement Date Date of Gazettal Media Release
Designation [PDF] 10 Dec 2008 10 Dec 2008 2008-28
Access Regime (Compilation) [PDF] 3 Mar 2009 24 Feb 2009
Variation:
29 Aug 2012
2009-03

2012-24
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