Commonwealth legislation

Payment Systems (Regulation) Act 1998 - Revocation of the Access Regime for the Visa Debit Card System (December 2014)

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

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legislative instrument

Plain English Summary

1/10 complexity

What this does: This instrument removes (revokes) the mandatory access rules that the Reserve Bank of Australia previously imposed on the Visa Debit card system in 2005.

Who it affects: Financial institutions that participate in, or want to join, the Visa Debit payment network.

What it means: Before this change, the Visa Debit system operated under a special "Access Regime" — legally binding rules that dictated which banks could access the network and on what commercial terms. From 1 January 2015, those specific Reserve Bank rules no longer apply.

Why it matters: This is a deregulatory change. Instead of operating under government-mandated access requirements, the Visa Debit system will now operate under standard commercial contracts and general competition law. This gives the network operators and member banks more flexibility to negotiate their own terms, while removing a layer of regulatory oversight.

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Payment Systems (Regulation) Act 1998 - Revocation of the Access Regime for the Visa Debit Card System (December 2014)

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Payment Systems (Regulation) Act 1998

Revocation of the Access Regime for the Visa Debit System

Pursuant to subsection 15(3) of the Payment Systems (Regulation) Act 1998 (the ‘Act’), the Reserve Bank of Australia revokes the Access Regime for the Visa Debit System, originally gazetted on 22 August 2005 (the ‘Access Regime’), as the Reserve Bank of Australia considers it appropriate to do so having regard to the matters set out in subsection 15(3) of the Act.

In accordance with paragraph 15(7)(b) of the Act, the revocation of the Access Regime will take effect on 1 January 2015.

Signed

Glenn Stevens Governor Reserve Bank of Australia

15 December 2014

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.