Central Banking

RBA takes action to cut interchange fees

reserve-bank-of-australia2

The Reserve Bank of Australia (RBA) has taken measures to boost the competitiveness of its Electronic Funds Transfer at Point of Sale (Eftpos) system, aligning interchange fees with those of international debit card schemes.

The central bank's Payment System Board initiated a review of the Eftpos payments system, which handles debit card payments in Australia, in early 2012. Eftpos interchange fees were originally capped and floored in 2006 in an effort to correct for a large differential with t

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