Document ID: chunk:federal_register_of_legislation:F2022C00002:body:0:p2
Version: federal_register_of_legislation:F2022C00002
Segment Type: other
Provision Reference: 
Character Range: 2642–5394

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 was designated under the Act as a payment system on 23 February 2004 and which is referred to in this Standard as Visa Debit;

       (b) the payment system operated within Australia known as Visa Prepaid, which was designated under the Act as a payment system on 15 October 2015 and which is referred to in this Standard as Visa Prepaid;

       (c) the payment system operated within Australia known as Debit MasterCard, which was designated under the Act as a payment system on 15 October 2015 and which is referred to in this Standard as Debit MasterCard;

       (d) the payment system operated within Australia known as MasterCard Prepaid, which was designated under the Act as a payment system on 15 October 2015 and which is referred to in this Standard as MasterCard Prepaid;

       (e) the debit card payment system operated within Australia known as the EFTPOS payment system, which was designated under the Act as a payment system on 12 June 2012 and which is referred to in this standard as the EFTPOS System; and

       (f) the prepaid card payment system operated within Australia under the EFTPOS Scheme Rules, which was designated under the Act as a payment system on 15 October 2015 and which is referred to in this standard as EFTPOS Prepaid.

    2.3 In this Standard:

    Above Benchmark Reference Period has the meaning given to it in clause 4.2;

    Acquired includes accepted;

    Acquirer means a participant in a Scheme in Australia that:

       (a) provides services, directly or indirectly, to a Merchant to allow that Merchant to accept a Card of that Scheme; or

       (b) is a Merchant that accepts, or is a Related Body Corporate of a Merchant that accepts, a Card of that Scheme and bears risk as principal in relation to the payment obligations of the Issuer of that Card in relation to that acceptance;

    Associated Entity has the meaning given by Section 50AAA of the Corporations Act 2001;

       Benefit means:

       (a) a payment, receipt, rebate, refund or allowance;

       (b) in relation to any Property or service received or receivable by a Direct Issuer Participant:

          (i) where there is a Regular Price for that Property or service, any discount or deduction from that price;

          (ii) where there is not a Regular Price for that Property or service, an amount by which the Fair Value of the Property or service exceeds the payment or other similar financial consideration made or given for it by the Direct Issuer Participant;