Submissions on a Revised Draft Guidance Note for the Varied Surcharging Standards

In June, the Reserve Bank announced its decision to vary the Standards relating to merchant surcharging on credit and scheme debit cards. The variation allows card scheme rules to limit surcharges to the reasonable cost of acceptance, effective 1 January 2013. To assist the industry in clarifying what costs might be included in ‘the reasonable cost of acceptance’, the Bank also published a draft Guidance Note for comment. The feedback that the Bank received on the draft Guidance Note mostly indicated that the industry sees benefit in a form of guidance that is more prescriptive than that provided in the June draft. Accordingly, at its August meeting, the Payments System Board decided to issue a revised draft Guidance Note for comment. The Bank sought views from interested parties on the revised draft Guidance Note by 21 September.

Received by 21 September 2012

Received after 21 September 2012