Media Release Payments System Board Decisions

At its meeting on 16 August 2005, the Payments System Board took two decisions under the Payment Systems (Regulation) Act 1998.

The first was to impose an Access Regime on the Visa Debit System. This will ensure that Specialist Credit Card Institutions (SCCIs) are eligible to join the Visa system to provide services to merchants accepting both Visa credit and debit cards. The regime will override (in Australia) Visa's international rules which might otherwise have prevented some SCCIs from joining the Visa system. The Access Regime, which Visa supports, is largely the same as that imposed on the Visa credit card system in February 2004.

The second was to declare that the provisions of the Payment Systems (Regulation) Act 1998 which refer to purchased payment facilities (stored-value cards) do not apply to a gift card proposed by Westfield for use within its shopping centres. This decision reflects the nature and limited purpose of the Westfield gift card. The Bank, in conjunction with ASIC, is currently examining the possibility of widening its existing class exclusions so that the Act does not apply to any similar gift cards issued in the future.

The Bank has today gazetted the Access Regime and its decision regarding the Westfield gift card.