Central Banking

Opposition from big banks to RBA interchange fee curb

Credit Cards
Card schemes disagree with prospect of tighter regulation

Large banks and payments firms have thrown their weight against plans by the Reserve Bank of Australia (RBA) to tighten regulation of card interchange fees.

In March, the RBA launched a consultation on changes to its existing card regulations, setting out plans including a tiered system of surcharges for certain transactions, greater transparency, and a host of methods for curbing interchange fees.

The fees have emerged as one of the more controversial parts of the RBA's proposals. Public respon

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