Global payments giants Visa and Mastercard are pushing back against the Reserve Bank’s attempt to force them to reveal to Australian businesses the fees they charge banks to process transactions on their privately owned networks.
The central bank’s review of card payment costs is a source of tension within the card schemes, which are resisting the potential for regulation of their fees.
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James Eyers writes on banking, finance, payments, regulation and emerging technologies. Based in Sydney, he is a former legal and investment banking editor at the AFR and has been a business journalist for more than 20 years. Email James at jeyers@afr.com.au
