Diners Club faces RBA regulation
The Reserve Bank may get heavy handed with uncooperative credit card and charge card schemes in a bid to compel them to allow publication of market share data. The RBA said American Express and Visa both agreed that the RBA may periodically publish this data for their schemes, on the condition that the market shares of all five credit card and charge card schemes were published. The RBA said Bankcard, Diners Club and MasterCard had not agreed, and the RBA has asked them to reconsider. The RBA said it advised Bankcard and MasterCard that if they did not agree to its request then it would consider establishing a “transparency” standard that would require these schemes to publish the number and value of their transactions. The RBA said that in the case of Diners Club, it would consider whether to designate the proprietary charge card brand (which is owned by Citibank), with a view to enforcing a similar transparency standard.