So the “user pays” principle works well in this case, but of course, there are no interchange fees. At the Reserve Bank, we are in favour of a retail payments system that provides users with a wide choice of options from a wide range of providers.
Each payments method has its strengths and weaknesses, and so users should be able to choose the most suitable payments method for each particular type of transaction. In some cases the pricing of the transaction enables them to do so in a manner which contributes to an efficient low-cost retail payments system, while in some other cases it does not.