Credit cards
RBA caps interchange fees and surcharges
Reserve Bank of Australia completes two-year card review, implementing reform around surcharges and interchange fees; regulation now applies to ‘companion cards’
RBA's Edey signals end to lengthy card review process
Assistant governor lays out issues review will address when it is published next week, following two-year process
RBA’s Richards sees possibility for digital Australian dollar
New card regulation to be ready by May, says Richards; digital currency a possibility in the ‘more distant future’, but RBA not ‘actively considering’ it
Book notes: Phishing for phools, by George Akerlof and Robert Shiller
The veteran economists’ study of the traps markets create for unwitting consumers ultimately ends up doing exactly what the authors caution against
French governor weighs up ‘disruptive effects’ in card payments market
François Villeroy de Galhau discusses ‘main trends’ influencing card payments market, including ‘new solutions, new behaviours and players, new regulations’
Bank of Israel smoothes way for new credit card players
Central bank moves to ease the process of entering the merchant acquiring and credit card market; aims to streamline licensing and expand ownership options
RBA’s Richards gauges sentiment on card payments regulation
Head of payments policy highlights areas of ‘common ground’ in response to issues paper on card payments regulation, but also some ‘real differences’ between stakeholders
Israel’s bank supervisor looks to split credit card companies from banks
Hedva Ber has revealed plans to boost competition in financial sector, including forcing two of the largest Israeli banks to sell their credit card companies and creating a credit database
RBA report reveals changing pattern of card use
Australians are increasingly favouring debit over credit cards for payments but both have been increasing in volume and value
Philadelphia Fed paper highlights bounce-back in credit card spending
Discussion paper analyses data from Visa Payment Panel Study, finding credit card spending has recovered from a recession-related dip, while growth in debit card spending is slowing
Bank Indonesia cracks down on ‘cash back' transactions
Central bank signs agreement allowing payments industry to seize card readers from merchants offering customers cash through fake credit card purchases
Opposition from big banks to RBA interchange fee curb
Large commercial banks and payments providers warn of damaging impact of regulating interchange fees, but smaller challenger payment systems are broadly in favour
ECB turns attention to single card payments area
Card payments are lagging credit transfers and direct debits when it comes to harmonisation across the eurozone; ECB calls for "considerable efforts" to rectify this
Two-thirds of US non-cash payments by card, but cheques persist
Payments by credit and debit cards grew nearly 8% annually between 2009 and 2012, according to new Fed data; 122.8 billion non-cash payments made in 2012, worth $79 trillion
RBA paves way for new entrants in card systems
Reserve Bank of Australia wants to facilitate new entrants into Australia’s credit and debit card systems; plans to let MasterCard and Visa set the eligibility criteria
US households stick with favourite payment methods
According to a recent study, households use ‘one or at most two' of cash, cheque and card when paying the bills
Court decision overturns Fed cap on credit card fees
Ruling slams Fed's $0.21 cap on banks' interchange fees as too high and for running ‘completely afoul of the text, design and purpose' of legislators' intent; bank body calls on Fed to appeal
European Commission floats proposal to cap fees on credit card transactions
EC says retailers will make big savings by paying lower fees to their banks, and consumers will benefit through lower retail prices as a result of new regulation
Card fraudsters abandoning ‘safer' Europe for more vulnerable markets, says ECB
Payment fraud is declining steadily in Europe thanks to technology advances; numbers are 'small compared to other kinds of fraudulent activities', expert says
RBA considers overhaul to card access regimes
Reserve Bank of Australia launches consultation on whether to change or revoke rules governing access to credit and debit card systems – which might allow the RBA itself to acquire cards
ECB’s Cœuré highlights US and Europe payments division
Executive board member Benoît Cœuré says credit cards play a larger role in the US payments industry; identifies benefits of expanding European debit card usage
RBI’s Padmanabhan on technology in the financial sector
Reserve Bank of India executive director sets out where technological change has improved financial services and where it still can
Dallas goes mobile with financial education
The Federal Reserve Bank of Dallas launches a mobile app designed to help people manage their money
ECB’s Cœuré concerned about online card fraud
Benoît Cœuré says greater innovation is needed in the internet payments market