Document ID: chunk:federal_register_of_legislation:F2022C00002:body:0:p1
Version: federal_register_of_legislation:F2022C00002
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Standard No. 2 of 2016 The Setting of Interchange Fees in the Designated Debit and Prepaid Card Schemes and Net Payments to Issuers
made under section 18 of the
Payment Systems (Regulation) Act 1998

Compilation No. 3

Compilation date:   01/01/2022

Includes amendments up to: F2021L01575

About this compilation

This compilation

This is a compilation of the Standard No. 2 of 2016 – The Setting of Interchange Fees in the Designated Debit and Prepaid Card Schemes and Net Payments to Issuer that shows the text of the law as amended and in force on 01/01/2022 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Standard No. 2 of 2016

The Setting of Interchange Fees in the Designated Debit and Prepaid Card Schemes and Net Payments to Issuers

    1. Objective

    The objective of this Standard is to ensure that the setting of interchange fees and payments and other transfers of valuable consideration having an equivalent object or effect to interchange fees in each designated debit card scheme and prepaid card scheme is transparent and promotes:

        efficiency; and

        competition

    in the Australian payments system.

    2. Application

    2.1 This Standard is determined under Section 18 of the Payment Systems (Regulation) Act 1998 (the Act).

    2.2 This Standard applies to each of the following, each of which is referred to in this Standard as a Scheme:

       (a) the payment system operated within Australia known as Visa Debit, which