See the press release here and find out:
In accordance with the Standard The Setting of Wholesale (‘Interchange’) Fees in the Designated Credit Card Schemes RBA has determined a common benchmark for interchange fees in the MasterCard and Visa credit card schemes. Using data supplied by issuers of credit cards and the two schemes, the Reserve Bank has calculated that the common benchmark to apply for the three years from 1 November 2006 is 0.50 per cent. This compares with the current average interchange fee in these schemes of a little under 0.55 per cent.
For Debit Cards Schemes a similar exercise lead the RBA to calculate a fee of 12 dollarcents as of November 2006 (for Visa this is now app. 44 cents).
Let's now wait and see what happens....
