In April 2003, the case was finally settled, with Visa and MasterCard agreeing to abolish the rule, reduce the interchange fee, and pay damages of $ billion to the merchants. Credit and Debit Cards in Australia This brings me back to where I started.
In Australia, prior to the Bank's recent reforms, the average interchange fee for a $ transaction paid to a credit cardholder's bank was 95 cents. In the Australian EFTPOS/debit card system,1 the interchange fee flows in the opposite direction and the cardholder's bank has to pay around 20 cents per transaction to the merchant's bank (Graph 3).