The following tables set forth the Visa maximum interchange reimbursement fees applicable to New Zealand domestic transactions processed through Visa’s National Net Settlement Service (NNSS).
Effective 5 November 2022, Visa revised the credit, debit, prepaid and account funding transaction interchange fee programs to ensure compliance with the New Zealand Retail Payment System Act 2022 and Initial Pricing Standard.
Visa sets interchange reimbursement fees as transfer fees between issuers and acquirers to balance and grow the payment system for the benefit of all participants. Merchants do not pay interchange reimbursement fees; merchants pay a "merchant discount fee" to their acquirer. This is an important distinction, because merchants buy a variety of processing services from financial institutions; all of these services may be included in their merchant discount fee.
Please note that there are specific technical and other criteria that each transaction must meet in order to qualify for the different fee categories. Transactions which do not meet the processing criteria for a specific program will not be subject to that fee, but instead will be subject to the Standard interchange maximum fees.