Central Banking

Australian Reserve Bank's credit-card plan slated

AUSTRALIA - MasterCard said it will consider scaling back its Australian operations if the central bank proceeds with its plan to cut credit-card fees and open the credit-card system to new participants.

"We are a major investor here," MasterCard's Asia-Pacific President Andre Sekulic said. "We had a vision of a very bright future for Australia as a payments leader, as a center for processing transactions across the region."

The Reserve Bank said in December that it wants to set rules on interc

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