LCR

Least Cost Routing

CashPSPFintechSchemeACCCCBDCPayToOnlineRegulationDigitalA2AReportingNPPGovernmentTap and PayAP+BECSOutagesPlatformChequeLCROpinionBlended pricingBanksAIScamsCryptoMerchant FeesTreasurerCybercrimeTransitIdentityAnalysisRBASurchargingcredit carddebit cardBank@PostInflationMobile WalletFinancial crimepre paid cardsATMStart-upsFraud
PlatformPlatform
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Locally-focused IPSI certificated “Australian Made”
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Locally-focused IPSI certificated “Australian Made”

A quiet achiever in Australian payments industry, IPSI, has certified its products and services to carry the “Australian Made” logo, sending a strong message to the market about its local focus.

PSPPSP
+2+2
Least Cost Routing enablement still has a long way to go
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Least Cost Routing enablement still has a long way to go

The RBA latest 6-monthly data on Least Cost Routing (LCR) highlights not only how far there is to go to full enablement, but the reasons why Australia’s acquirers aren't there yet.

OutagesOutages
+3+3
Impact of Mastercard global outage lessened by LCR at Aussie merchants
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Impact of Mastercard global outage lessened by LCR at Aussie merchants

Least Cost Routing (LCR) came to the rescue on Sunday, as Mastercard users were unable to make online, in-person or ATM transactions on the US network.

AP+AP+
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Least cost routing finally enabled for some Google Wallet transactions
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Least cost routing finally enabled for some Google Wallet transactions

After more than five years of lobbying from Australian small business to reduce the cost of mobile transactions, eftpos functionality and least cost routing (LCR) is finally available for some Google Wallet mobile debit transactions in Australia.

FintechFintech
+7+7
IPF wants action on merchant fees after record increases
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IPF wants action on merchant fees after record increases

The cost of card fees levied on businesses is at record levels, forcing higher surcharges for consumers in a cost of living crisis, according to the Independent Payments Forum (IPF).

RegulationRegulation
+5+5
Interchange regulation alone won’t be enough to tackle card fees
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Interchange regulation alone won’t be enough to tackle card fees

Interchange fees have long been the focal point for regulators seeking to control merchant payment costs. However, mounting evidence suggests that regulating these fees alone has been insufficient to curb overall payment expenses that are now estimated at $6.4 billion each year in Australia.

RegulationRegulation
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Westpac backs scheme fee cap and dissecting blended pricing
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Westpac backs scheme fee cap and dissecting blended pricing

Westpac has taken aim at the “complex” fees charged by card schemes like Visa and Mastercard, as well as controversial “blended” pricing plans imposed on many small businesses, in a comprehensive response to the Reserve Bank of Australia’s inquiry into merchant fees and surcharging.

RegulationRegulation
+6+6
High card fees for small business under attack in RBA review
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High card fees for small business under attack in RBA review

The urgent need to reduce card fees for Australian small business was a strong theme in early submissions to the Reserve Bank of Australia’s inquiry into card fees and surcharging this week.

LCRLCR
+1+1
It’s time! Mandate Least Cost Routing ... properly, Ombudsman
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It’s time! Mandate Least Cost Routing ... properly, Ombudsman

The Australian Small Business and Family Business Ombudsman, Bruce Billson, has called for Least Cost Routing (LCR) of debit card payments to be mandated by the Reserve Bank of Australia, comparing the current system to expensive and unnecessary toll roads.

LCRLCR
+2+2
Is the RBA about to blend the battle for lower merchant fees with its war on inflation?
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Is the RBA about to blend the battle for lower merchant fees with its war on inflation?

“Given the RBA’s present priority on curbing retail inflation, an emerging question is whether Governor Michele Bullock will be looking to recast the battle over merchant fees as a macroeconomic concern.”