Payment networks
The retail payment system is made up of different payment networks, including debit and credit card networks, the interbank payment network, and the EFTPOS network.
As part of our role in the payment system, we regulate retail payment networks that have been ‘designated’.
Where a network is designated, we can:
- determine prices
- introduce information sharing requirements
- allow users to access aspects of the network
- direct network operators to take specific actions.
Networks are designated through amendments to the Retail Payment System Act 2022. Decisions to designate a network are made by the Minister of Commerce and Consumer Affairs.
The Visa and Mastercard debit and credit networks are currently the only designated networks. Pricing standards have been set to limit interchange fees, which are a significant component of the fees businesses pay to accept payments on the Mastercard and Visa networks. Read more about interchange fees.
We previously recommended that the interbank network also be designated. Read more about the recommendation.