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Comment: Australia Lays Its Cards On The Table - Australia Proves There Is Nothing Sacrosanct About Visa And MasterCard.
(From The Banker)
Interchange fees, those somewhat hidden but highly lucrative earnings that stem from the settling and sharing of merchant transaction fees among banking competitors, look set to cause major ructions in the card industry.
Although interchange fees have for years surprisingly avoided accusations of price fixing and the ire of competition authorities, this is changing, and the basic need for and the size of the fees are now being seriously questioned.
Two recent developments are noteworthy. First, the EU agree with Visa on relatively moderate declines in cross-border interchange while noting that interchange does constitute a restriction of competition. Then, in late August, the Australian Reserve Bank ordered that interchange be reduced by 40% while stating that interchange is collectively determined and in violation of anti-trust laws.
Not surprisingly, Visa and MasterCard opposed the Australian move, fearing that it would increase the cost of cards and deter merchants.
Is this valid or is this the cry of a virtual ...
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