RBA reshapes payment card access regimes

The Reserve Bank has varied the access regimes for the MasterCard and Visa credit card systems and revoked the access regime for the Visa Debit system.

The variations and revocation are effective from 1 January 2015.

In March 2014, the Payments System Board made an in-principle decision to modify the access regimes to reflect its conclusion that, while the original regimes were appropriate when introduced, changes in industry structure and in the ownership of the card systems meant that the regimes were now unduly restricting access, the RBA noted in a media statement yesterday.

"Accordingly, the amended framework will provide the card systems with the ability to expand membership beyond existing participants," the RBA said.

The card systems will be required to have in place transparent eligibility and assessment criteria and to report information about membership and applications to the RBA.

"The Visa Debit regime was originally introduced to deal with technical issues arising from the interaction of Visa's rules and the credit card access regime; these issues no longer apply and accordingly the Visa Debit regime will be revoked."