Credit card giant Visa’s most senior regional executive has compared the Reserve Bank of Australia’s plan to cut the revenue banks receive from issuing credit cards to President Donald Trump’s proposal to cap credit card interest rates in the United States.
With the RBA committed to a final position before April on controversial proposals to cut wholesale payment costs to support the government’s ban on payment surcharges, banks and card schemes are engaged in a last-ditch lobbying effort to try to convince the central bank of the merits of a compromise.
