• Contact
  • Feedback
Banking Day
Owen Analytics Logo
Stay Ahead: Professional-Grade Market Intelligence
Subscribe Now
  • News
  • Topics
    • All Topics
    • Briefs
    • Major Banks
    • Authorised deposit-taking institutions
    • Insurance, funds and super
    • Payments, mobile & wallets
    • Consumer lending
    • Mortgages
    • Business lending
    • Finance regulation
    • Debt capital markets
    • Ratings agencies
    • Equity capital markets
    • Professional services
    • Work & career
    • Foreign news
    • Other topics
  • Free Trial
  • Subscribe
  • Resources
    • Industry events
  • About us
    • About Banking Day
    • Advertise
    • Feedback
    • Contact Banking Day
  • Search
  • Login
  • My account
    • Account settings
    • User Admin
    • Logout

Login or request a free trial

Eftpos regulation may remain

21 May 2009 4:29PM
The Payments System Board dropped a pretty big hint yesterday that regulation of Eftpos interchange fees, and access, may remain in place.In a media release the PSB summarised its latest views following a meeting last Friday.Eftpos interchange is subject to a small cap of five cents introduced in November 2006. The regulation is due for review at the end of this year.For more than a year the PSB (part of the Reserve Bank of Australia) has encouraged the industry to map out an investment program for Eftpos, to make it competitive with scheme debit cards from Visa and MasterCard. One aim of the PSB is was to make Eftpos cards issued by banks useable for internet payments. A second aim was more transparent scheme fees. And a third aim was to prevent Eftpos from fading out and closing up as happened with the Bankcard credit card earlier this decade.While an Eftpos scheme has been set up by banks and the scheme is searching for a chief executive, the PSB in the media release said it will be "looking for evidence that the scheme has a business plan for future development which it is actively pursuing, including arrangements for promotion of the scheme and reform of access."With respect to developments in online payments, the BSP "noted that while there are some possibilities being considered in the industry, there have been no concrete steps in this area and such a service is unlikely to be in place by August 2009."

I'm a returning subscriber

*
Password reset *
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now

Consumer lending

  • Latitude, Harvey Norman liable for interest free GO card con

Copyright © WorkDay Media 2003-2025.

Banking Day is a WorkDay Media publication

WorkDay Media Unit Trust

  • Privacy policy
  • Terms of access and use