The bill itself introduces a new regulatory regime to ensure the retail payment system delivers long-term benefits to consumers and merchants, and the regime does this in three ways. First, it enables the Commerce Commission to regulate participants in designated retail payment networks. Second, to reduce merchant service fees more quickly, it sets an initial pricing standard for the Mastercard and Visa credit and debit networks. That standard will reduce interchange fees. Interchange fees—as members of this House, I'm sure, know—are generally the largest component of fees charged to merchants for accepting payments. The initial pricing standard targets card products issued by Mastercard and Visa because they cover the largest share of the New Zealand market for retail payments, but other providers will follow suit. Third, the bill enables the Commerce Commission to issue merchant surcharging standards. And I note, too, for the House, the bill also provides for investigation, monitoring, and enforcement by the Commerce Commission.