One quarter: 1 July to 30 September 2026 · first RBA disclosure, published 30 October

Visa carries the most value. Mastercard reports about twice the scheme fee from acquirers.

Visa took — of domestic debit value and — of credit. On debit, acquirers paid gross scheme fees of — per A$100 to Mastercard, — to Visa and — to eftpos. After rebates the debit figures are —, — and —.

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Domestic card value across the three networks, in the quarter

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Interchange paid to issuers on domestic and foreign cards, in the quarter

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Net scheme fees from acquirers in the quarter, plus — from issuers

—

Domestic value tokenised in the quarter, and — of transactions

—

Interchange earned on foreign cards, from — of value

Transaction value, one quarter

A$ value of card transactions by type, 1 July to 30 September 2026

Total value of transactions acquired in Australia in these three months, from each network's interchange report. Foreign cards are shown as one block because they sit outside the domestic split. Spend by Australian cards overseas is not included.

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A$ billion, one quarter. Tokenised columns are part of the column before them. Figures may not add because of rounding.
	In store		Online
Card	Value	Tokenised	Value	Tokenised	Domestic total	Foreign cards	Total

Market share

Average sale, domestic

Value divided by transactions, from each network's interchange table.

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Channel and tokenisation

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In store, tokenisedIn store, physical cardOnline, tokenisedOnline, not tokenised

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Share tokenised, by value and by number of transactions

1 July to 30 September 2026. Across domestic cards, tokens carried — of transactions and — of value. The count share is higher on every line because tokenised sales are smaller on average.

Share of valueShare of transactions

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Per cent tokenised, one quarter. Foreign means foreign cards used in Australia. eftpos has no foreign volume.
	All domestic		In store		Online		Foreign cards
Card	Value	Count	Value	Count	Value	Count	Value	Count

What a token does to interchange

Interchange per A$100, domestic. In store, tokenised payments cost more on every line. Online they cost less on every line except eftpos. These are averages, so merchant mix plays a part.

TokenisedNot tokenised

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Cost of each network

Interchange plus acquirer scheme fee, domestic

Scheme fees here are before rebates, because networks report rebates only by card type. Net figures are in the next card. Mastercard's own note says its figures may not be comparable with those of other schemes.

Interchange, paid to issuersScheme fee, paid to the network

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What merchants paid by network

RBA average merchant service fee, June quarter, for context. American Express is outside the new disclosures.

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Net scheme fees by network, 1 July to 30 September 2026

One quarter, after rebates, as reported. The networks kept — net, of which acquirers paid — (—) and issuers —, because issuers got back — of their gross fees. Mastercard says its figures may not be comparable with other schemes, and Visa's rebate ratios are identical on every row, so its split between lines looks allocated.

Net fees from acquirersNet fees from issuers

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A$ million, one quarter, except the per A$100 columns. Net is gross less rebates. Cross-border means foreign cards used in Australia for acquirers, and Australian cards used overseas for issuers. eftpos has no cross-border volume. Figures may not add because of rounding.
	Acquirers				Issuers
Network and card	Gross	Rebates	Net	Net per A$100	Gross	Rebates	Net	Net per A$100	Total net

Share of gross scheme fees handed back as rebates

Domestic. Issuers get most of their fees back from Visa and Mastercard, while acquirers keep paying. Visa's ratios are identical on every row, domestic and foreign, so treat them as an allocation.

To issuersTo acquirers

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Domestic and foreign cards compared

Per cent of value. Foreign cards cost several times more on both fees. Trimming interchange to the — cap due on 1 April 2027 would remove up to — a quarter at September volumes.

DomesticForeign

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One quarter: 1 July to 30 September 2026 · average merchant service fees

Westpac is cheapest for small merchants. Tyro is highest on every domestic line.

A small merchant paid an average of — at Westpac, — at CommBank, — at Tyro and — at Adyen. Stripe and Square published nothing we could find, so they appear below at list price.

Merchant size

Average fee in the quarter, ranked

All direct merchants includes large merchants, which pull the banks down. Small and medium are the fairer comparison.

Big fourSpecialist

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Fee by card and channel, September quarter

Per cent of value. Shading runs from lowest to highest within each column.

		In store		Online		Foreign cards
Acquirer	Average	Debit	Credit	Debit	Credit	Debit	Credit

Fees against network wholesale cost

The shaded zone is interchange plus scheme fee after rebates, averaged across the networks from slide 1. Domestic fees sit above it and foreign fees mostly sit below it: five of six acquirers report foreign fees under the wholesale figure. Either foreign cards lose money on these books or the two sets of data don't line up, and that is the first thing to test.

Big fourSpecialistNetwork wholesale cost

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How much more smaller merchants pay

Average fee by merchant size. Adyen has the widest gap and Tyro the narrowest. On foreign cards the order flips at CommBank, NAB, Westpac and Tyro, where small merchants pay less than the all-merchant average.

All directMediumSmall

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List prices, including providers without a disclosure

Effective rate on a — sale, including any fixed fee. Hollow marks are prices on a website, which many merchants don't pay, so don't rank them against averages. The band is the range of disclosed small-merchant averages. Prices: Stripe, Square, Zeller, Westpac, CommBank.

September quarterFrom 1 OctoberDisclosed small-merchant range

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Who has disclosed, and what is missing

Large acquirers process more than A$10 billion a year directly for merchants. An absent report may mean a provider is under that line, or that we couldn't find the page.

Who	Status	Links and notes
Visa	Disclosed	Web tables for interchange and scheme fees.
Mastercard	Disclosed	Interchange PDF and scheme fee PDF.
eftpos	Disclosed	Web tables. Domestic only.
CommBank	Disclosed	Web table.
NAB	Disclosed	PDF.
Westpac	Disclosed	PDF.
ANZ Worldline	Disclosed	PDF. It reports as ANZ Worldline, so there is no separate ANZ report.
Tyro	Disclosed	PDF. Tyro says it does not process through payment facilitators.
Adyen	Disclosed	PDF linked from its Australian licences page.
Stripe	Not found	List price only.
Square	Not found	List price only.
Zeller	Not found	List price only.
Fiserv, Worldpay, Global Payments, Shift4, Bendigo Bank	Not found	Searched by name, nothing published that we could locate.
RBA combined page	Not found	The RBA said it would republish these reports on its website. No page was live when checked on 31 October.
Acquirer market share	Not disclosed	Reports give rates with no volumes, so fees can't be weighted by acquirer size.

Reserve Bank of Australia · Conclusions Paper, March 2026 · compared with one quarter, 1 July to 30 September 2026

The RBA wants merchants comparing fees and acquirers passing on the cuts.

The Payments System Board calls pricing in the system overly complex and opaque. It required these reports to cover the quarter before the caps, so this first set is the baseline for watching what happens to fees.

A$910m

Yearly cut in wholesale costs the RBA expects from the caps (annual, RBA)

A$1.6bn

Surcharges paid by consumers each year, of A$1.8bn in total (annual, RBA)

16%

Merchants that surcharge (RBA, March 2026)

19%

Small merchants on cheaper unblended plans (RBA, March 2026)

What the RBA said, and what the first data shows

The left column summarises the RBA's paper, and each topic links to the chapter. The right column comes from the September quarter reports.

Topic	The RBA's view	First disclosures
Scheme fees	Opaque, complex and growing faster than transaction values. Networks must publish Scheme Fee Roadmaps by 1 April 2027, and the RBA will consider further action if progress falls short.	Across all three networks, fees came to — net in the quarter: — from acquirers and — from issuers. Domestic acquirer fees net to — basis points, matching the RBA's 10.5 for 2024/25. Scheme fees have no cap, and the gross debit rate runs from — per A$100 at eftpos to — at Mastercard.
Comparing networks	Network-level data should let participants and merchants compare average fees directly and bargain harder.	Comparison has limits so far. Mastercard's report warns its figures may not be comparable with other schemes, and Visa's rebate ratios are identical on every row, which points to an allocation.
Small merchants	Small merchants pay 1.4% on single-rate plans and 0.9% on unblended plans, against 0.6% for large merchants. Only 19% of small merchants are on unblended plans.	Disclosed small-merchant averages run from — to —. These exclude merchants served through payment facilitators, where single-rate plans are common.
Foreign cards	Costs are high for Australian merchants, so foreign interchange gets its first cap, at 1.0% from 1 April 2027. Scheme fees were 58% of merchant fees on these transactions in 2024/25.	Interchange averaged — to —. The cap removes up to — a quarter at September volumes and leaves gross scheme fees of — to — untouched.
Mobile wallets	Tokenised rows are listed separately to show what mobile wallet transactions cost, especially in store. Wallets are also in scope for the RBA's next consultation.	In-store Visa debit interchange was — per A$100 tokenised and — on a physical card.
Pass-through	The RBA wants interchange cuts passed on to merchants in full and plans to highlight acquirers that fall short.	This can't be tested yet. The quarter ended before the caps began, and the first pass-through reports are due by 30 January 2027.

Do the reports agree with the RBA's numbers?

Net scheme fees in basis points of value. The RBA figures are Table 9 for 2024/25, and the quarter is rebuilt from the three network reports. Acquirer lines sit close and issuer debit matches. Issuer credit and overseas spending come in far lower, and the reports don't say why. Visa's flat 92% issuer rebate may be part of it.

RBA, 2024/25September quarter 2026

Domestic cards

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Cross-border

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What happens next

Dates from chapter 8. The RBA also planned a further review from mid 2026, covering mobile wallets, American Express, buy now pay later and e-commerce platforms.

1 Oct 2026Caps and surchargingNew domestic interchange caps start and the RBA lifts its ban on no-surcharge rules.
30 Oct 2026First disclosuresNetworks and large acquirers publish the September quarter, the data on this page.
30 Jan 2027First pass-through reportsLarge acquirers report a pass-through measure for four quarters, and fee data for the first quarter under the caps.
1 Apr 2027Foreign cap, roadmaps, statementsThe foreign interchange cap starts, Scheme Fee Roadmaps are due, and merchant statements gain card origin and channel splits.

RBA documents

Personal analysis built from public disclosures. It is not published or endorsed by any company named here, and it is not financial advice. AntsFactory