Central Banking

EC put cards on the table and Visa comes up trumps

AUSTRALIA - The European Commission (EC) has approved Visa's rules on interchange fees for debit and credit cards.

The ruling is likely to cause some disquiet in the Reserve Bank of Australia (RBA) which is questioning some aspects of Visa's rules in the form of an inquiry initiated by the Australian Competition and Consumer Commission (ACCC).

An interim report on the credit card interchange fees charged by banks has been keenly disputed by the banking industry. Had the EC taken a harder line,

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