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Payments Regulation in Asia
Interchange Cap Regulation ................................................................................................................. x Methodology and Country Profiles ............................................................................................. 25 Executive Summary . ....................................................................................................................................25 Active Interchange Cap Developments in 2023............................................................................x Countries with Discounted Interchange Caps...............................................................................x Australia................................................................................................................................................25 India......................................................................................................................................................26 Japan....................................................................................................................................................27 Singapore. ............................................................................................................................................27 Australia ........................................................................................................................................................30 Payments Mix........................................................................................................................................30 Public Reporting of Card Fees..............................................................................................................33 Analysis of Publicly Available Card Fees...............................................................................................34 APM Case Study: PayTo and NPP.........................................................................................................38 India . .............................................................................................................................................................41 Payments Mix........................................................................................................................................41 Public Reporting of Card Fees..............................................................................................................43 Analysis of Publicly Available Card Fees ..............................................................................................44 APM Case Study: India – UPI and Other Wallet-Based APMs..............................................................46 Japan .............................................................................................................................................................50 Payments Mix........................................................................................................................................50 Public Reporting of Card Fees..............................................................................................................53 Analysis of Publicly Available Card Fees...............................................................................................54 APM Case Study: Digital Wallets..........................................................................................................60 Singapore ......................................................................................................................................................63 Payments Mix........................................................................................................................................63 Public Reporting of Card Fees..............................................................................................................65 Analysis of Publicly Available Card Fees...............................................................................................65 APM Case Study: PayNow and Instant Payments.................................................................................66 Merchant Pass-Through to Consumers.......................................................................................67 Co-badging Regulation . ........................................................................................................................ x Australia Co-badging Mandate and Routing Overview................................................................x Competition Outside the Card Market .......................................................................................................... x Case Study 1: Australia - PayTo and NPP ............................................................................................ x Case Study 2: India - UPI and Other Wallet Based APMS .................................................................. x Case Study 3: Japan - Digital Wallets .................................................................................................. x Case Study 4: Singapore - PayNow and Instant Payments ................................................................ x Merchant Pass-Through to Consumers . ......................................................................................................... x
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