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Asia-PacificNovember 3 2003

Australia slashes credit card interchange fees

Interchange fees for credit card transactions in Australia are to be virtually halved following tough action by the Reserve Bank of Australia (central bank) and the failure of an appeal by Visa, MasterCard and BankCard in the federal court.
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From October 31, the card associations have to implement new

interchange rates that will reduce from about 0.95% to about 0.5% and

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