Card designation tweak planned by PSB
The lead item in a Payments System Board's media release on Friday was approval for a consultation paper seeking stakeholder views on proposed changes to the bank's standards applying to designated card systems, which principally means those of MasterCard and Visa. "The bank will be releasing this paper within the next two weeks," the PSB said.It said it would "seek to coordinate the timing of the release with the announcement of further details on the Government's proposed legislation to ban excessive surcharging and give the Australian Competition and Consumer Commission enforcement power in this area."The RBA's and PSB's Review of Card Payments Regulation is the topic touched on at the start in a manner intended to leave readers guessing."The Board had further discussions on the matters raised in the issues paper released in March," was all that was said.