Central Banking

RBA takes next step in opening up payments market


The Reserve Bank of Australia (RBA) has given the go-ahead to plans aimed at opening up access to the country's payments market, following two public consultations in the past year.

The RBA said on Friday that it has decided "in principle" to vary the access regimes applying to the two major card schemes in Australia - MasterCard and Visa - and to scrap the specialist credit card institution (SCCI) framework.

The access regimes are designed to restrict which institutions are able to access the

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