Consultation on the Future Regulatory Framework for the EFTPOS System June 2012

In September 2011, the Reserve Bank announced that it would review aspects of the regulatory framework for the EFTPOS system in light of developments in that system over recent years – most notably the establishment of EFTPOS Payments Australia Limited to govern the system. Following the first phase of the review, the Payments System Board decided in May 2012 to implement a new designation for the EFTPOS system.

With the new designation in place, the Bank is undertaking the second phase of its review – a consultation on the future regulatory framework for the EFTPOS system. This consultation seeks views on options for the Bank's future regulation of EFTPOS interchange fees and access to the EFTPOS system, including on whether an interchange fees standard and access regime continue to be required. In addition, given the large shift that is taking place in both the governance and the regulatory framework for the EFTPOS system, the consultation also seeks views on whether transitional arrangements may be appropriate.