Is chip and pin ubiquitous in Australia? That would lower fraud rates. Also, the EU has a 0.3% cap on interchange. Average in US is 2%. My guess is Australia has a cap as well. So the answer is, lobbying.
The weighted-average credit benchmark of 0.50 per cent will be maintained.
The weighted-average interchange fee benchmark for debit cards will be reduced to 8 cents per transaction, which will apply jointly to debit and prepaid cards in each scheme.
Interchange fee caps will be supplemented by ceilings on individual interchange rates: 0.80 per cent for credit; and 15 cents, or 0.20 per cent if the interchange fee is specified in percentage terms, for debit and prepaid.
To prevent interchange fees drifting upwards in the manner that they have previously, compliance with the benchmark will be observed quarterly rather than every three years. A scheme will be required to reset its interchange schedule in the event that its average interchange fee over the previous four-quarter period exceeds the benchmark.
