Posts tagged "lcr"

The Reserve Bank of Australia has given breathing room to the major banks and payment service providers failing to promote least-cost routing among merchants, saying they have until June 2024 to boost merchant uptake before facing a regulatory crackdown.

Australian fintech Zeller says half of all transactions processed through its terminals in May 2023 included a surcharge for customers.

Payment giants Visa and Mastercard have pledged not to offer merchants cut-price credit transaction rates if they lock into their debit transaction systems, a move small business advocates hope will level the playing field for local SMEs.

The Reserve Bank of Australia has substantively shifted its position on how banks and credit card schemes prioritise their products in mobile wallet Apple Pay.

The ACCC alleges that after the RBA changed the rules in 2017 to demand so-called least cost routing, Mastercard did deals with the major retailers in an attempt to sidestep the new directives.

Cost-of-living increases are a key election issue but the reality is many manufacturers and retailers like some inflation.