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Brad Kean, Octet’s Head of Partnerships, speaks with SBS Finance about what the RBA’s caps on interchange mean for credit card payments and points schemes.
The Reserve Bank’s new cap on credit card interchange fees is the reason many credit-card reward schemes are being impacted.
A payments analyst with the finance group Octet, Brad Kean, says interchange fees – the fees banks pay each other – fund the cost of a credit-card transaction.
“The Reserve Bank of Australia thought there was no transparency in the market, businesses didn’t really understand what the cost of accepting that card would be. Therefore, the Reserve Bank of Australia has come down and capped the maximum interchange that the banks can charge a merchant at point-8 (0.8) of a per cent. So that’s almost a 60 to 70 per cent reduction in interchange. It’s a big loss of revenue for the banks.”
To read more head to SBS or watch the segment here.
