35
Payments Regulation in Asia
3.00%
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 American Express Credit Diners Club Credit eftpos Debit Mastercard and Visa All Mastercard Credit Mastercard Debit Visa Credit Visa Debit Figure 9. Average Merchant Fees in Australia by Network and Card Type (2003-2023) 68 By Q2 2020, when the RBA began to report on Visa and Mastercard debit and credit fees separately, the average merchant fee for those networks was 0.62%, less than half the Q1 2003 value. Over the period Q3 2020 to Q4 2023, Visa and Mastercard credit rates had some of the highest increase, rising by 0.09% and 0.12% respectively (Figure 10). In that same period, eftpos merchant fees also increased by 0.09%, with average eftpos merchant fees sitting at 0.35% by Q4 2023. In part, these increases can be explained by the introduction of new market rates for eftpos in 2022 for mobile transactions and higher spend in CNP channels, which typically cost more and grow faster than in-store transactions (Figure 12). 69
68
https://www.rba.gov.au/payments-and-infrastructure/resources/payments-data.html
69
https://cmspi.com/aus/en/could-eftpos-bring-competition-to-online-routing-in-australia/
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