Entrants in the payments market can expect to save A$1.6 million a year in annual compliance costs once the current framework for registering specialist credit card institutions is dropped.A regulatory impact statement released by the Reserve Bank of Australia on Friday argued that the Australian Prudential Regulation Authority supervision of SCCIs "largely operates to protect the MasterCard and Visa systems rather than the users of those systems.""In effect, the largest exposures are managed within the card schemes, while participants must cover losses arising from the credit provided to their cardholders (for issuers) and non- performance by a merchant (for acquirers)," the RBA said.The RBA said there was little risk to financial stability from dropping the category of specialist bank - SCCIs - set up 10 years ago, given the daily value of transactions in credit card systems in Australia averaged only $720 million per day, compared with Real Time Gross Settlement payments of $158 billion and Direct Entry payments of $40 billion."APRA believes that supervising credit card system participants is no longer an appropriate use of its resources and is not consistent with its core mandate," the RBA said"In APRA's view, responsibility for determining access to the card schemes rests with the schemes themselves, not a prudential regulator charged with the protection of depositors."