Posts tagged "mastercard least cost routing"

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.

Australia's smallest businesses are saddled with card transaction fees triple that applied to major corporations and the take-up of cheaper options remains "disappointingly low", according to the Reserve Bank of Australia.

The ACCC's case against Mastercard is its second-ever section 46 case since the law was amended five years ago, alleging the payments giant misused its market power.