Proposed changes outlined in RBA Review of Retail Payments Regulation
The RBA has released a report that highlights issues in the market that may have significant impacts on choice for consumers and merchants, as well as competition, and potentially add cost to day to day shopping.
As outlined in the May edition of the Networker, eftpos fully understands the importance of its role as an essential part of the national payments infrastructure. We remain committed to providing efficient, cost-effective and market-specific payments solutions for the benefit of all Australians and enhance productivity across the economy.
We will work with the RBA and other industry stakeholders to get the best outcome for Australian merchants and consumers on these important issues.
The basic requirement is that eftpos as a payment option is left on all Australian debit cards as part of every bank’s social obligations in the Australian market. This is fundamental in underpinning choice for consumers, including on mobile, in digital channels like Beem It and online in the very near future.
We are also working very closely with the small business community and FinTech providers who want to innovate and who share eftpos’ unbridled passion for competition, choice and enhanced digital payments functionality to ensure we get the best possible outcomes.
At a time when people are using debit more and credit cards less so they can better manage their money, regulation is needed to ensure Australians have full access to their country’s local debit network – in shops, on mobile and online.