A review of the regulation of the Eftpos system in Australia is underway, with the release on Friday of a short paper on options by the Payments System Board.Jettisoning the eight-year-old system of regulation is one option, though perhaps not a prominent option. The PSB designated Eftpos in 2004, a step derided by large merchants as being contrived and which was subsequently challenged in the Federal Court. The PSB won that case and the merchants (including Coles and Australia Post) did not appeal.The legal victory paved the way for curbs on interchange fees for Eftpos transactions. This, in turn, has led to the progressive reversal of interchange fees, so that the merchant's bank now charges a fee to the card-holder's bank.The PSB also introduced "standards" - another jargon word for regulation - that obliged banks and others operating in the Eftpos network to allow new entrants to establish links on affordable terms and to give new entrants a reasonable opportunity to test systems.In response to much pressure from the PSB, the industry established (and funded) Eftpos Payments as a "scheme". The industry also set up a company to govern policy around access to Eftpos.