Visa and MasterCard to appeal Australian Federal Court reform ruling

Visa International and MasterCard are to appeal a decision last month by the Federal Court of Australia upholding credit card reforms by the country's central bank.

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Visa and MasterCard to appeal Australian Federal Court reform ruling

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The Reserve Bank's credit card reforms are designed to cut the interchange fees on cards and open the market to greater competition.

Visa and MasterCard maintain that the new rules are poorly formulated and give an unfair advantage to American Express and store cards which are excluded from the regulations.

Justice Brian Tamberlin last month dismissed initial appeals by the two card schemes for a judicial review of the RBA's decision. In his ruling he said that MasterCard and Visa had failed to make a case against the RBA's decision-making process and legislative practices.

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Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

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