Below is an extract from page 84 of The Senate - Economics References Committee - Interest rates and informed choice in the Australian credit card market - Dec 2015:

6.10 The RBA is empowered to 'designate' and regulate payment schemes under the Payment Systems (Regulation) Act 1998, and has a mandate to 'promote efficiency and competition in payments systems consistent with the overall stability of the financial system'. Consistent with this mandate, the RBA's Payment Systems Board (PSB) regulates card payment schemes in relation to matters such as interchange fees, surcharging and scheme access.6

6.11 The RBA designated the MasterCard and Visa payment schemes in April 2001, and, as explained in the next section, both schemes have been subject to interchange and other regulations since 2003. Three-party systems—most notably American Express and Diners' Club, but also China UnionPay, JCB and PayPal—are not designated (although, as noted below, American Express companion cards have recently been designated).

6.12 The committee heard testimony that the inconsistency in the regulatory treatment of the systems has undermined the competitive neutrality of Australia's payments system. This inconsistency is in part due to historical factors. When first regulated, Visa and MasterCard were both operated as member associations of banks, and the RBA was concerned that access arrangements 'were more restrictive than necessary to ensure the stability of those systems'.7 However, as the RBA explained in a 2014 paper on payment card Access Regimes:

6 Dr Malcolm Edey, Assistant Governor, Financial System, Reserve Bank of Australia, Proof Committee Hansard, 27 August 2015, p. 10.

7 Reserve Bank of Australia, Submission 20, p. 7.

8 Reserve Bank of Australia, Payment Card Access Regimes: Conclusions (March 2014), p. 1.

9 Reserve Bank of Australia, ' Review of Card Payments Regulation: Designation of Payment Systems', 15 October 2015, http://www.rba.gov.au/media-releases/2015/mr-15-19.html.

The environment has now changed significantly. Most importantly, MasterCard and Visa have now both changed corporate structure to become publicly listed companies rather than member associations of banks. This suggests that the schemes are likely to be more open to new types of participation, while the emergence of new business models is creating stronger interest in direct membership.8

6.13 On 15 October 2015, the RBA designated the American Express companion card system. As the RBA explained in its accompanying media release, designation does not impose regulation, but rather is 'the first of a number of steps the Bank must take to exercise any of its regulatory powers'.9

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The RBA -

1. 'Designated' Credit Card Schemes in Australia on 12 April 2001, relying on Division 2, Section 11 of the Payment Systems (Regulation) Act 1998.  The RBA overtly stressed when it opted to 'Designate' "...credit card schemes in Australia under its regulatory oversight."... that ...."the standards will not cover the setting of credit card fees and charges to cardholders and merchants, or interest rates on credit card borrowings"

2. Imposed an 'Access Regime' on 23 Feb 2004 on each of the three designated credit card schemes in Australia (Visa, MasterCard and Bankcard) relying upon Division 3 - Access to designated systems, Subdivision A - Access regimes of the Payment Systems (Regulation) Act 1998; and

3. Determine 'Standards' pursuant to Division 4, Section 18 of the Payments System Regulation Act 1998 that "are in the public interest".

Division 3—Access to designated systems - Subdivision A—Access regimes - 12  Imposition of access regime

On 20 Feb. 2004 the RBA imposed an Access Regime under the Payment Systems (Regulation) Act 1998 on the previously designated Bankcard, Mastercard and VISA credit card systems.

RBA  designated Bankcard, Mastercard and VISA credit card systems as an Access Regime under the Payment Systems (Regulation) Act 1998 on 20 Feb. 2004

Reasons for the Decision to Designate the EFTPOS Payment System

Submission to the Review of Innovation in the Regulatory Framework for the EFTPOS System: Consultation on Designation