Update on availability and enablement of least-cost routing for merchants Data as at June 2025 (published August 2025)

To provide greater transparency on the extent to which providers are supporting least-cost routing (LCR), the Bank publishes the tables below on LCR availability and take-up (enablement) across the major acquirers for ‘card-present’ (or in-person transactions) (Table 1) and ‘card-not-present’ (or online transactions) (Table 2). For the avoidance of doubt, those institutions with the highest rates of LCR enablement do not necessarily provide merchants with the lowest overall payment costs.

Card-present LCR

Table 1: Least-cost Routing of Card-present Debit Card Transactions
Per cent of merchants, June 2025(a)
  Available to merchants Enabled
for merchants		 Not enabled – no active choice Not enabled for merchants – active merchant choice(b) Not enabled for merchants – active acquirer choice on behalf of merchant(b)
Square 100 100 0 0 0
Suncorp Bank 100 76 0 11 13
National Australia Bank 100 67 0 0 33
Stripe 100 98 0 1 0
Westpac 100 76 9 0 15
ANZ Worldline 99 75 11 13 1
Tyro 100 87 13 0 0
Commonwealth Bank 98 51 36 0 12
Adyen(c) 100 31 – – –
Fiserv(d) TBC TBC TBC TBC TBC
Total 100 80 9 1 10

(a) Figures have been rounded to whole percentage points. Consequently, a value of 100 may still mean LCR is not available/enabled for every merchant of that institution. Figures exclude very large (strategic) merchants and merchants that supply their own payment terminals.
(b) An active choice to not enable LCR may be based on (i) price considerations (i.e. routing to the default scheme is already the lowest-cost option, or the cost savings from enabling LCR do not outweigh the implementation costs for the merchant) or (ii) non-price considerations (e.g. a gap in non-price capabilities between the domestic and international schemes).
(c) Data for some categories not available for reporting.
(d) RBA is working with Fiserv to resolve data issues; data may be updated in future. Previous Fiserv figures are available in archived updates.

Source: RBA

LCR for in-person transactions is now widely available to merchants and take-up by merchants has increased over 2025. As at the end of June 2025, over 80 per cent of merchants had LCR enabled for in-person transactions. The Bank expects providers to continue enabling LCR for in-person transactions for merchants that could benefit from it and pass the savings on to merchants. The table includes and is sorted by a new column, ‘Not enabled – no active choice’, which represents the remaining merchants whom do not have LCR enabled and for which no active choice for enablement has been made, either by the merchant or their acquirer on their behalf.

Card-not-present LCR

Table 2: Least-cost Routing of Card-not-present Debit Card Transactions
Per cent of merchants, June 2025(a)
  Available
to merchants		 Availability dependent on further work by a gateway or third-party provider Enabled
for merchants
Fat Zebra(b) 100 0 100
Adyen 100 0 31
Stripe 100 0 84
Westpac 69 30 0
Commonwealth Bank 55 0 11
Tyro(c) 53 0 53
National Australia Bank 33 60 1
Braintree 4 96 4
ANZ Worldline 4 0 4
Suncorp Bank 0 100 0
Fiserv(d) TBC TBC TBC
Total 94

(a) Figures have been rounded to whole percentage points. Consequently, a value of 100 may still mean LCR is not available/enabled for every merchant of that institution. A value of 0 may mean LCR is available/enabled for some, but only a very small proportion, of merchants of that institution. Figures exclude very large (strategic) merchants and data relating to merchants where the listed institution only provides gateway services.
(b) SecurePay was acquired by Fat Zebra during the reporting period and was not included in the published data.
(c) Tyro’s reported LCR availability and enablement rates were lower than in previous periods due to an operational change. Tyro has reported that as of 31 July 2025, Tyro’s LCR availability and enablement rates have returned to similar levels to previous reporting periods.
(d) RBA is working with Fiserv to resolve data issues, data may be updated in future. Previous Fiserv figures are available in archived updates.

Source: RBA

LCR for online transactions is now available for over 94 per cent of merchants, and take-up by merchants continued to increase throughout 2025. The Bank began collecting data in the previous reporting period on the share of merchants for whom LCR is not available because further work is required by gateways or other third-party providers. These data highlight the role of gateways and other third-party providers in making LCR available for online transactions. While progress has been made, some providers still have more work to do. The Bank expects providers, including payment gateways, to accelerate progress on making LCR widely available for online transactions and enabling LCR for merchants that could benefit from it.

Background on Least-cost Routing

See: Least-cost Routing of Debit Card Transactions for more information, including details on what the Bank is doing on LCR.

Archived updates

The Bank has started publishing updates on LCR availability and enablement data every 6 months.
Previous LCR updates are available.