Contributed by: Petra Carey and Lily Maclean
Published on: March 27, 2023
Last week, the Commerce Commission published an open letter updating market participants on the current initiatives in the Commission's retail payment system work programme. The Commission has flagged that their next phase of monitoring will focus on the initial impact of the interchange fee caps applicable to transactions on the Visa and Mastercard credit and debit networks. However, the Commission's work plan scope is broader than compliance monitoring. It also proposes further monitoring and information gathering in order to find ways to promote the purpose of the Retail Payment System Act – namely, to promote competition and efficiency in the retail payment system for the long-term benefit of New Zealand merchants and consumers.
This update summarises the Commission's key initiatives and plans for consultation and engagement in the coming months. You can access the full open letter here.
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