The Payments System Board's (PSB)reform of credit cards reduced the interchange fees charged by the credit card companies, and eliminated the surcharge imposed by merchants when accepting credit card payments.

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The Payments System Board's reform of credit cards did reduce the interchange fees charged by credit card companies, but it did not eliminate the surcharge imposed by merchants when accepting credit card payments. Instead, it aimed to regulate and limit these surcharges to ensure they were representative of the actual cost of transaction processing.

The Payments System Board's (PSB)reform of Credit Cards Reduced the Interchange