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Retail Payment System Act 2022

Schedule 1: Transitional, savings, and other related provisions

You could also call this:

"Extra rules and explanations for the Retail Payment System Act 2022"

Illustration for Retail Payment System Act 2022

The Retail Payment System Act 2022 has some extra rules. You can find these rules in the schedule called 'Transitional, savings, and other related provisions'. This schedule explains some terms used in the Act. The schedule talks about things like 'acquirer', 'card', and 'interchange fee'. It also explains what 'credit retail payment network' and 'debit retail payment network' mean. These terms are used to describe different types of payment systems, like Mastercard and Visa. The schedule also lists some specific payment networks, like Mastercard credit and Visa debit. It says that these networks are 'designated networks' and explains what this means. The Governor-General can replace or revoke these designations at any time, as stated in subpart 1 of Part 2 of this Act. The schedule used to have some rules about pricing, but these have been repealed. This means they no longer apply, as stated in clause 9(1). The Commission can issue new pricing standards to replace the old ones, as stated in subpart 2 of Part 2 of this Act.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS528212.

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54: Regulations, or

"Rules Made by the Governor-General"

1Transitional, savings, and other related provisions Empowered by s 8

1Provisions relating to this Act as enacted

1Interpretation

1Interpretation

  1. In this Part, unless the context otherwise requires,—

    acquirer, in relation to an initial designated network, has the same meaning that it has under the network rules of that network

      card or payment instrument means any form of payment method (including virtual cards and tokenised credentials)

        credit retail payment network, in relation to the initial pricing standard, means a designated network described in clauses 3 to 6 that is known as Mastercard credit or Visa credit

          debit retail payment network, in relation to the initial pricing standard, means a designated network described in clauses 3 to 6 that is known as Mastercard debit or Visa debit

            initial designated network means a designated network referred to in subpart 2

              interchange fee, in relation to an initial designated network, has the same meaning that it has under the network rules of that network

                issuer, in relation to an initial designated network, has the same meaning that it has under the network rules of that network

                  per transaction, in relation to a maximum percentage or amount, means calculated on a per transaction basis according to value.

                  2Initial designations

                  2Initial designated networks

                  1. Each of the retail payment networks that are described in a designation order in this subpart is a designated network (an initial designated network).

                  2. A designation order in this subpart continues in force until the earlier of—

                  3. the date that is 10 years after the date on which this subpart commences:
                    1. the date on which the designation order is revoked or replaced under subpart 1 of Part 2 of this Act (see subpart 4).

                      3Mastercard credit designation order

                      1. The retail payment network known as Mastercard credit (including commercial and personal payment products) of which—

                      2. the person known as Mastercard International Incorporated is a network operator:
                        1. the network rules include the rules called Mastercard Rules dated 11 December 2020 (as updated from time to time).

                          4Mastercard debit designation order

                          1. The retail payment network known as Mastercard debit (including pre-paid and standard debit payment products) of which—

                          2. the person known as Mastercard International Incorporated is a network operator:
                            1. the network rules include the rules called Mastercard Rules dated 11 December 2020 (as updated from time to time).

                              5Visa credit designation order

                              1. The retail payment network known as Visa credit (including commercial and personal payment products) of which—

                              2. the person known as Visa Worldwide Pte. Limited is a network operator:
                                1. the network rules include the rules called Visa Core Rules and Visa Product and Service Rules dated 17 April 2021 (as updated from time to time).

                                  6Visa debit designation order

                                  1. The retail payment network known as Visa debit (including pre-paid and standard debit payment products) of which—

                                  2. the person known as Visa Worldwide Pte. Limited is a network operator:
                                    1. the network rules include the rules called Visa Core Rules and Visa Product and Service Rules dated 17 April 2021 (as updated from time to time).

                                      3Initial pricing standard (Repealed)

                                      7Initial pricing standard (Repealed)

                                        Notes

                                        4Replacement and revocation

                                        8Replacement and revocation of initial designations

                                        1. The Governor-General may at any time make an order under subpart 1 of Part 2 of this Act in respect of all or any of the initial designated networks.

                                        2. If the Governor-General does so, the initial designation ceases to apply to the network to the extent that it is replaced or revoked in respect of that network.

                                        9Replacement and revocation of initial pricing standard

                                        1. The Commission may at any time, under subpart 2 of Part 2 of this Act,—

                                        2. issue a pricing standard to replace the initial pricing standard in respect of all or any of the initial designated networks, with effect no earlier than 6 months after the date on which this Act receives the Royal assent:
                                          1. revoke the initial pricing standard in respect of all or any of the initial designated networks.

                                            1. If the Commission does so, the initial pricing standard ceases to apply to the network to the extent that it is replaced or revoked in respect of that network.

                                            2. For the purpose of this clause, initial pricing standard includes any term defined in subpart 1 of this Part for the purpose of that standard.