What the official record says
This Act is the Retail Payment System Act . This Act comes into force on the day after the date on which it receives the Royal assent. However, of of (initial pricing standard) comes into force 6 months after the date on which this Act receives the Royal assent. The purpose of this Act is to promote competition and efficiency in the retail payment system for the long-term benefit of merchants and consumers in New Zealand. The functions and powers of the Commission and the Minister must be exercised for the purpose set out in . In deciding whether to exercise their functions and powers, and in exercising them, the Commission and the Minister must take into account the following principles to the extent that the Commission or Minister considers them relevant: that merchants and consumers sho