Some of the key ones were:   A restriction on the honour-all-cards rule to allow merchants to make separate decisions for credit and debit cards;    A cap on Visa debit interchange (which was also voluntarily adopted by MasterCard);    A reduction in interchange fees for EFTPOS;    Agreement by the three-party schemes to remove no-steering rules;    Access regimes for a number of card-payment systems; and    Increased transparency of interchange fees and merchant service fees.
Taken together, this expanded package of reforms was in place by the beginning of 2007. These developments have been closely watched both by regulators and market participants around the world, because Australia was the first major country to begin reforms in this area.