Retail Payment System (Ban on Merchant Surcharges) Amendment Bill - Amendment paper No 494
Retail Payment System (Ban on Merchant Surcharges) Amendment Bill - Amendment paper No 494
Retail Payment System (Ban on Merchant Surcharges) Amendment Bill - Amendment paper No 494
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No 494
House of Representatives
Amendment Paper
Retail Payment System (Ban on Merchant Surcharges) Amendment Bill
Proposed amendment
Arena Williams, in Committee, to move the following amendment:
New Part 1A
After clause 6 (page 2, after line 23), insert:
Part 1A Pricing standard for interchange fees
6A New sections 20A and 20B inserted
After section 20, insert:
20A Pricing standard for interchange fees
(1)
The Commission must ensure that a pricing standard for interchange fees is in place at all times.
(2)
A standard made under subsection (1) must specify an upper limit on the amount of interchange fees for—
(a)
credit retail payment networks; and
(b)
debit retail payment networks.
(3)
The limits specified in the standard must not exceed the limits set out in the initial pricing standard.
(4)
In this section, credit retail payment network, debit retail payment network, and interchange fee have the same meanings that they have in clause 1 of Schedule 1.
20B Pricing standard for interchange fees must be reviewed every year
(1)
The Commission must review a pricing standard that relates to interchange fees at least once every year for the next five years following the commencement of this section.
(2)
The review must include—
(a)
assessment of the extent to which the amounts specified in the pricing standard are proportionate to the actual costs of facilitating a domestic transaction; and
(b)
consideration of whether the amounts specified in the pricing standard should be reduced so that they do not exceed the actual costs of facilitating a domestic transaction.
(3)
If, following a review, the Commission considers that the amounts specified in a pricing standard should be reduced, the Commission must issue a new pricing standard to that effect as soon as practicable.
(4)
For the avoidance of doubt, the Commission must not issue a new pricing standard for interchange fees if that pricing standard would increase the limit on interchange fees.
6B Schedule 1 amended (Transitional, savings, and other related provisions)
(1)
In Schedule 1, clause 7(2), replace “lower” with “lowest”.
(2)
In Schedule 1, replace clause 7(2)(a) and (b) with:
(a)
the interchange fees per transaction as at 1 April 2021:
(b)
whichever of the following applies:
(i)
in the case of any contacted-in-person payment method, 0.30% per transaction:
(ii)
in the case of any contactless-in-person payment method, 0.30% per transaction:
(iii)
in the case of any online or any other payment method, 0.70% per transaction.
Explanatory note
This Amendment Paper amends the Retail Payment System (Ban on Merchant Surcharges) Amendment Bill to insert new Part 1A.
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Versions
Retail Payment System (Ban on Merchant Surcharges) Amendment Bill - Amendment paper No 494
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