EFTPOS decision in Oz

The RBA has issued a press release on the subject of EFTPOS and capped fees. The fees will fall, reflecting the real cost of electronic transactions, to 5c or less (from around $0.20). Quite a fall. This is a reasonable thing... electronic transactions are meant to be frictionless, it is quite ridiculous to be promoting electronic banking on one hand and charging over the top for it on the other. Whilst normally competitive pressure would see it come down anyway, in fact a virtual cartel of banks has kept it high. You can guess their motives.