RBA supervises credit card payment systems

AUSTRALA - The Reserve Bank of Australia (RBA) took supervisory control of Australian credit card service fees on Apr 12, putting under threat A$600 million in fees the banks earn from Bankcard, MasterCard and VISA schemes.

"(The RBA) has formally designated as payment systems subject to its regulation under the Payments Systems Regulation Act 1998, the credit card systems operated in Australia by Bankcard, MasterCard and VISA," the central bank said.

The RBA said it would outline by the end of

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