Australian regulators will consider intervening to stop banks from automatically...
An ibis bird perches next to the Reserve Bank of Australia headquarters in central Sydney, Australia February 6, 2018. REUTERS/Daniel Munoz
“Regulating here is not the preferred option but it is a fallback option if we don’t see the required change,” he said after a speech in Canberra. The RBA says debit card payments, Australia’s most frequently used method, processed through Visa or Mastercard cost retailers more than twice as much as using EFTPOS.
“We have made it very clear to the banking industry that we expect them to develop the functionality to allow the merchant to choose which payment rails it goes through, the international schemes or the EFTPOS schemes,” Lowe added.Visa and Mastercard were not immediately available for comment.
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