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, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au