The ACCC has had a substantial victory in its long-running case
against Visa Worldwide over alleged exclusive dealing in breach of
section 47 of the Competition and Consumer Act, with the Federal
Court imposing an $18 million fine, plus $2 million in costs.
Visa admitted a contravention by exclusive dealing on the brink
of the trial, choosing not to contest that part of the ACCC
case.
Dynamic currency conversion services
The case relates to Dynamic Currency Conversion services
(DCC) which allow purchasers paying by Visa card
in a foreign currency to have the cost of transactions converted
to, and shown in, their home currency at the point of sale or at an
ATM. If DCC is selected the transaction is routed through
Visa's system in the cardholders currency and Visa is denied
the opportunity to convert the foreign currency at a rate it
selects and to charge a fee for that conversion
