The Payments System Board has flagged a long-awaited process that will enforce least cost routing across the payments ecosystem.  In an update from its meeting yesterday, the PSB said it was examining competition in the debit card market.             “Currently, dual-network debit cards in Australia are issued with one network on the card having priority,” the PSB said.  “As a result, contactless transactions automatically route to that network, unless the merchant has choice through least-cost routing.” The availability, or lack of it, and the benefits that accrue from least-cost routing is a topic that’s been bubbling away in the Australian banking industry for more than five years. “The Board is considering taking regulatory action to prohibit card schemes and issuers from setting a default routing network on dual-network debit cards,” the PSB said.  “This would ensure that merchants can choose which network processes their debit transactions.” The Reserve Bank said it would “consult on the costs and benefits of such action”.