Visa and MasterCard taking over debit

Visa and MasterCard branded debit cards now account for around one-fifth of the value of debit card payments according to the Payments System Board. Scheme debit cards have been available in Australia for more than 25 years, originally through building societies and credit unions (under the Visa brand). In recent years most major banks have also begun to issue the cards, in part because of the favourable interchange fees (since reduced by RBA regulation) and in part to cater to demand for internet purchasing (which is not directly available on the bank-owned Eftpos payment cards).

Source: The Sheet

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