Payments System Board Annual Report – 2010 List of tables

Table 1: Number of Meetings Attended by Each Member in 2009/10

Table 2: Australian Non-cash Retail Payments

Table 3: Credit Card Interchange Fees

Table 4: Debit Card Interchange Fees

Table 5: Typical Features of Personal Credit Cards, By Type(a)

Table 6: Fraud on Australian-issued Payments

Table 1: Number of Meetings
Attended by Each Member in 2009/10(a)
Glenn Stevens 4 (4)
Malcolm Edey 4 (4)
John Laker 4 (4)
Joe Gersh 4 (4)
Robert McLean 4 (4)
John Poynton 3 (4)
Catherine Walter 4 (4)
(a) Figures in brackets show the number of meetings each member was eligible to attend.
Table 2: Australian Non-cash Retail Payments
2009/10 Average Growth, 2004/05–2009/10
Per cent of total Average value ($) Per cent
Number Value Number Value
Cheques 4.9 11.3 4,814 −9.3 −2.3
Direct debits 10.5 37.5 7,462 7.0 8.4
Direct credits(a) 22.7 47.0 4,333 6.5 6.8
Debit cards 33.4 1.1 67 13.1 12.8
Credit cards(b) 24.1 1.7 145 5.9 8.1
BPAY 4.4 1.4 697 13.8 16.2
Total 100.0 100.0 2,090 7.2 6.2

(a) Excludes BPAY transactions; a reporting change by a bank caused a break in the series, increasing the number and decreasing the value of direct credits
(b) Excludes BPAY transactions

Sources: BPAY; RBA
Table 3: Credit Card Interchange Fees
Excluding GST, per cent unless otherwise specified
MasterCard Visa
30 June 2009 30 June 2010 30 June 2009 30 June 2010
Consumer electronic 0.43 0.35 0.40 0.40
Consumer standard 0.43 0.40(a) 0.55 0.45
Consumer chip 0.63 0.35 0.50 –
Premium/platinum 0.95 1.00(b) 0.90 1.00
Premium chip 1.15 1.00 1.00 –
Super premium – 1.60(c) – 1.70
Commercial 1.15 1.27 1.15 1.28
Commercial chip 1.35 1.27 – –
Strategic merchant – 0.25 or 0.34 – 0.25–0.35
Tiered merchant 0.34 – – –
VMAP(d) – – 0.30 –
Government/utility 0.30 0.30 – 0.30
– electronic – – 30.0 ¢ –
– standard – – 74.0 ¢ –
Charity 0.00 0.00 0.00 0.00
Petrol/service station 0.34 0.34 – 0.32
Education – 0.30 – 0.40
Supermarket – – – 0.32
Insurance – – – 0.40
Transit – – – 0.30
Recurring payment 0.30 0.30 0.40 0.30
Quick/express payments 0.30 0.40 0.40 –
Contactless payment – 0.35 – –
Micropayment – – 2.5 ¢ –
Large ticket(e) – – – $20 + 0.20
Benchmark 0.50 0.50 0.50 0.50

(a) May be 0.30% or 0.35% depending on use of MasterCard's SecureCode online authentication system
(b) May be 0.90% or 0.95% depending on use of MasterCard's SecureCode online authentication system
(c) May be 1.50% or 1.55% depending on use of MasterCard's SecureCode online authentication system
(d) Visa Merchant Alliance Program
(e) Transactions above $10,000 excluding travel/entertainment purchases

Sources: MasterCard website; RBA; Visa website
Table 4: Debit Card Interchange Fees
Excluding GST, cents unless otherwise specified
MasterCard Visa
30 June 2009 30 June 2010 30 June 2009 30 June 2010
Consumer electronic 9.1 6.0 8.0 8.0
Consumer standard 36.4 19.0 0.31% 0.30%
Consumer chip 13.6 12.0 – –
Premium/platinum – 0.50% – 0.40%
Commercial 36.4 1.27% – 1.00%
Commercial chip 40.9 1.48% – –
Strategic merchant – 3.6 – 4.0–60.0
Tiered merchant 3.6 – – –
Electronic incentive – – 4.0 –
Government/utility 29.1 7.0 - 8.0
– electronic – – 8.0 –
– standard – – 37.0 –
Charity 0.00% 0.00% 0.00% 0.00%
Petrol/service station 9.1 4.0 – 6.0
Education – – – 8.0
Supermarket – – – 6.0
Insurance – – – 8.0
Transit – – – 6.0
Recurring payment 9.1 9.1 8.0 8.0
Quick/express payment 0.50% 4.0 8.0 –
Micropayment 0.50% 4.0 2.5 –
Large ticket(a) – – – $10 + 0.10%
Benchmark 12.0 12.0 12.0 12.0

(a) Transactions above $10,000 excluding travel/entertainment purchases

Sources: MasterCard website; RBA; Visa website
Table 5: Typical Features of Personal Credit Cards, By Type(a)
As at end June 2010
Average annual fee Average interest rate Average
spending
for $100 voucher(b)		 Average rewards benefit Range of rewards benefit
$ Purchases,
per cent
per annum		 $ Per cent
of spending		 Per cent of spending
No rewards
Low rate 74 12.9 – – –
Standard (‘low fee’) 21 19.3 – – –
Rewards
Standard 69 19.6 14,900 0.67 0.32–1.13
Gold 130 20.0 14,100 0.71 0.37–1.00
Platinum 299 20.0 10,700 0.94 0.56–1.11

(a) The total sample comprises around 80 credit card products offered by 11 issuers; reported averages are calculated as simple averages of relevant products' features; data are not directly comparable to figures reported in previous Annual Reports for major banks' average annual fees or rewards benefits
(b) The value of spending required to obtain a $100 department store voucher assumes cardholders with a credit card product containing a companion American Express card spend equal amounts on their MasterCard/Visa card and companion American Express card; figures do not factor in the ability to earn bonus points at certain merchants, caps on earning points or reduced point accrual rates for spending above certain thresholds

Sources: Credit card issuers' websites as at 30 June 2010
Table 6: Fraud on Australian-issued Payments
Per $1,000 transacted (cents)
2008 2009
All instruments 8.3 9.4
All cards 32.7 33.1
Credit/charge card 60.3 57.1
Debit card 5.8 9.4
Cheque 0.8 1.2

Source: Australian Payments Clearing Association