Payments System Board Consultation on a Revised Draft Guidance Note for the Varied Surcharging Standards August 2012

In June, the Reserve Bank announced the decision to vary the surcharging Standards to allow card scheme rules to limit surcharges to the reasonable cost of card acceptance, effective 1 January 2013. The Bank also published a draft Guidance Note on the varied surcharging standards. This was in response to indications from a number of interested parties that they would appreciate clarification about the costs that might be included in ‘the reasonable cost of acceptance’.

The feedback that the Bank received on the draft Guidance Note has mostly indicated that the industry sees benefit in a form of guidance that is more prescriptive than that provided in the June draft.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 meeting on 17 August, the Payments System Board decided to revise the Guidance Note.

The Bank sought views from interested parties on the revised draft Guidance Note by 21 September 2012.