SYDNEY (CU)_Visa and MasterCard are two of the most widely used payment networks by financial service providers from across the globe, including those in Australia, in the issuance of debit and credit cards. However, over the recent months, the Reserve Bank of Australia (RBA) has been facing mounting pressure from retailing groups and trade associations advocating on small businesses over the central bank’s plan to permit second-tier banks to issue debit cards which only work on the networks operated by the two US payments-network firms. They claim that this would mean businesses would be charged higher fees on these debit card services in comparison to domestic eftpos system which is usually cheaper.
Therefore, the government has decided to…
