Central Banking

RBA upholds interchange fee freeze


The Reserve Bank of Australia said on Wednesday it will continue to regulate interchange fees on card transactions as the payments industry had not made enough progress in making the domestic payment system more competitive.

In September 2008, the central bank said in its Review of the Payments System Reforms that the board would be prepared to step back from interchange regulation if industry participants took sufficient steps to reduce the risk that interchange fees would increase in its absen

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