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In New Zealand we have a similar network, EFTPOS. It’s not mandated by law and business could (but don’t) opt to only accept credit cards. However since it has
by sitharus 8y ago
In New Zealand we have a similar network, EFTPOS. It’s not mandated by law and business could (but don’t) opt to only accept credit cards. However since it has no per-transaction fees for either party in most cases (some low-volume personal and business accounts have per-transaction fees) it’s reached near total market penetration.
To be clear it’s not a single network, there are two networks that fully interoperate.
Unfortunately we don’t have any regulation on credit card fees, so both credit cards go up to 2% and debit cards take over 1%. This has made the banks (who own the largest EFTPOS provider) reluctant to upgrade the system to support contactless and online transactions, both of which are possible with the technology.