RBA allows pay choice
The Reserve Bank of Australia (RBA) has shifted its position on prioritising bank products in mobile wallet Apple Pay.
The RBA had claimed that Least Cost Routing (LCR), which lets merchants pick the rails a debit card payment runs on, was too hard to apply to mobile wallets.
However, a year later, the RBA appears to have been sufficiently appraised of the technology, and determined that merchants may now enable Least Cost Routing (LCR) in mobile payments. The RBA is even signalling that LCR will become the expected approach.
The decision means shopkeepers will retain their basic choice in what cards they accept.