MasterCard and Visa launch legal challenge against RBA reforms
(Australia) - Payments group MasterCard International has joined rival Visa in a legal challenge to new credit card regulations proposed by the Reserve Bank of Australia (RBA).
Both MasterCard and Visa are seeking to challenge the RBA in the Federal Court, claiming that the changes do not meet the public interest criteria of key legislation, the Payment Systems (Regulation) Act.
Last month, the RBA unveiled sweeping changes to Australia's credit card industry designed to cut fees and stimulate competition. Key changes are a 40 percent reduction in credit care interchange fees and the opening up of the payment system to new entrants.
Last month, the RBA unveiled sweeping changes to Australia's credit card industry designed to cut fees and stimulate competition. Key changes are a 40 percent reduction in credit care interchange fees and the opening up of the payment system to new entrants.
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