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Mastercard, banks at loggerheads on payments merger


Mastercard, banks at loggerheads on payments merger
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Tension between banks and the US payment giants that issue their credit and debit cards has escalated after Mastercard described banks’ arguments that the proposed merger of three domestic payment systems was necessary as “hypothetical at best”.
In preliminary views on the merger of the New Payments Platform, BPay and eftpos on June 4, the Australian Competition and Consumer Commission questioned whether the benefits of a deal would outweigh the costs and called for more detail from the banks.
Mastercard told the ACCC the banks could lawfully collaborate on payments innovation through joint ventures or other structures authorised by the ACCC.  ....

United Kingdom , Australian Payments Council , Reserve Bank , ஒன்றுபட்டது கிஂக்டம் , ஆஸ்திரேலிய கொடுப்பனவுகள் சபை , இருப்பு வங்கி ,

eftpos, BPAY and NPP agree to merge


By
Justin Hendry
on Dec 15, 2020 11:30AM
But will retain operational autonomy.
Australia’s three payments infrastructure providers have agreed to merge as a single entity in a bid to reduce costs and better compete with the growing number of overseas payment platforms.
eftpos, BPAY and NPP Australia (NPPA) announced their intention to amalgamate, pending further consultation and approval by the Australian Competition and Consumer Commission.
It follows months of consultation that began after the release of an issues paper that set the scene for the Reserve Bank of Australia’s root-and-branch review of the payments system.
“In Australia, international card schemes and multinational technology providers are dominating the payments sector,” the trio said in a statement. ....

Australian Payments Council , Consumer Commission , Australian Competition , Reserve Bank , Payments Council , Robert Milliner , ஆஸ்திரேலிய கொடுப்பனவுகள் சபை , நுகர்வோர் தரகு , ஆஸ்திரேலிய போட்டி , இருப்பு வங்கி , கொடுப்பனவுகள் சபை , ராபர்ட் மில்லினர் ,

Eftpos, BPay, NPP agree to merge, to help banks take on card giants


Eftpos, BPay, NPP agree to merge, to help banks take on card giants
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Three domestic payment systems – Eftpos, BPay and NPP Australia – have agreed to merge in a deal that would create a larger, coordinated player better able to compete against US card giants Visa and Mastercard, which have been stealing market share in debit payments.
The merger, which requires Australian Competition and Consumer Commission approval, will also allow banks to coordinate investment to ensure domestic payment infrastructure remains innovative and transaction data is not lost to offshore technology companies.
Australian Payments Council chairman Robert Milliner: The model proposed will enable us to adapt faster to the changing trends of the digital economy.   ....

Michaelo Sullivan , Australian Payments Council , Consumer Commission , Australian Competition , Payments Council , Robert Milliner , ஆஸ்திரேலிய கொடுப்பனவுகள் சபை , நுகர்வோர் தரகு , ஆஸ்திரேலிய போட்டி , கொடுப்பனவுகள் சபை , ராபர்ட் மில்லினர் ,