Submissions on Impact of Interchange Standard on Competition between Card Schemes

In its Media Release of 11 December 2006, the Reserve Bank noted concerns by some parties that particular aspects of the credit card interchange standard had the potential to distort competition between card schemes. The Bank therefore sought views on whether this issue should be included in the 2007/08 Review of Payment System Reforms or examined sooner. It also sought views on how the compliance aspects of the credit card, and possibly Visa Debit, interchange standards might be altered to address any concerns about the impact of the standards on competition between the schemes.

The following submissions have been received.

Australia and New Zealand Banking Group Limited
Letter 50KB
1 February 2007

Australian Merchant Payments Forum
Credit Card Interchange Fees 45KB
25 January 2007

Commonwealth Bank of Australia
Payment System Issues - Credit Card Interchange Fees 25KB
31 January 2007

Indue Ltd
Credit Card Interchange Fees 72KB
29 January 2007

National Australia Bank
Submission on Credit Interchange Fees 34KB
17 January 2007

Visa International Service Association
Credit Card Interchange Fees 26KB
31 January 2007

Westpac Banking Corporation
Credit Card Interchange Fees 19KB
1 February 2007

Confidential Information

The following organisations provided submissions containing commercial-in-confidential information:

• MasterCard
• Virgin Money Australia