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RBA Glossary definition for HAC Rule

HAC Rule – Honour All Cards Rule

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Annexure 1: Reform of the EFTPOS and Visa Debit Systems in Australia: Economic Analysis

2 May 2005 PDF 246KB
Submissions on EFTPOS and Visa Debit Systems
https://www.rba.gov.au/payments-and-infrastructure/debit-cards/submissions-reform-draft/visa-29042005-3.pdf

Visa’s Response to the RBA on Debit Issues

21 Apr 2004 PDF 376KB
18 It is worth noting that the risks associated with removing the HAC rule are substantially greater here than in the US. ... Given the HAC rule, merchants’ demand for Visa debit and credit cards has the same demand elasticity.
https://www.rba.gov.au/payments-and-infrastructure/debit-cards/responses-debit-scheme/visa-appendix-a.pdf

Glossary

22 Jan 2024
A glossary of terms used on the RBA website
https://www.rba.gov.au/glossary/

Visa Debit Submission to RBA

21 Apr 2004 PDF 238KB
Honour All Cards We do not support removal of the Honour All Cards (HAC) rule. ... The HAC rule ensures customers can choose the payment card that suits their needs.
https://www.rba.gov.au/payments-and-infrastructure/debit-cards/responses-debit-scheme/credit-union-serv-corp.pdf

Payments System Board Annual Report 2004 -Glossary

22 Sep 2005 PSB Annual Report 2004 PDF 40KB
https://www.rba.gov.au/publications/annual-reports/psb/2004/pdf/glossary.pdf

Glossary

11 Nov 2004 PSB Annual Report – 2004
DvP. Delivery-versus-Payment. EFTPOS. Electronic Funds Transfer at Point of Sale. HAC Rule. ... Honour All Cards Rule. Interchange fee. a fee paid between card issuers and acquirers when cardholders make transactions.
https://www.rba.gov.au/publications/annual-reports/psb/2004/glossary.html

Implementation Effects

24 May 2022 RDP 2022-02
Richard Finlay, Dmitry Titkov and Michelle Xiang
Notes: Heteroskedasticity and autocorrelation corrected (HAC) standard errors in parentheses; , and denote statistical significance at the 10, 5 and 1 per cent levels, respectively. ... It was also consistent with the Reserve Bank retaining operational
https://www.rba.gov.au/publications/rdp/2022/2022-02/implementation-effects.html
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Competition and Efficiency

11 Nov 2004 PSB Annual Report – 2004
Removal of the so-called ‘no surcharge’ rule has led some merchants to introduce charges for the use of credit cards. ... A large group of merchants, led by Wal-Mart, sued MasterCard and Visa over their activities related to their debit cards and, in
https://www.rba.gov.au/publications/annual-reports/psb/2004/competition.html

The Yield and Market Function Effects of the Reserve Bank of Australia’s Bond Purchases

19 May 2022 RDP PDF 1938KB
Notes: Heteroskedasticity and autocorrelation corrected (HAC) standard errors in parentheses; , and denote statistical.
https://www.rba.gov.au/publications/rdp/2022/pdf/rdp2022-02.pdf

EFTPOS and Visa Debit

18 Oct 2004 PDF 84KB
The HAC rule facilitates access to card issuing, promotes product development and innovation, and guarantees customer choice. ... merchants would stop accepting Visa Debit if the RBA abolished the HAC rule.
https://www.rba.gov.au/payments-and-infrastructure/debit-cards/submissions-debit-fees/cuscal-15102004.pdf