CTHIn ForceLegislation
Payment Systems (Regulation) Act 1998 - The Setting of Interchange Fees in the Visa Debit Payment System, the ‘Honour All Cards’ Rule in the Visa Debit and Visa Credit Card Systems and the ‘No Surcharge’ Rule in the Visa Debit System
ObjectiveObjective
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Turn the raw legal text into a practical explanation grounded in Payment Systems (Regulation) Act 1998 - The Setting of Interchange Fees in the Visa Debit Payment System, the ‘Honour All Cards’ Rule in the Visa Debit and Visa Credit Card Systems and the ‘No Surcharge’ Rule in the Visa Debit System.
Objective
The objective of this Standard is to ensure that the setting of interchange fees in the designated Visa Debit payment system promotes:
(i) efficiency; and
(ii) competition
in the Australian payments system.