Payments News

On The Web

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Global

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

“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, […]
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Companies

APRA gives TransferWise a restricted banking licence

“One of Europe’s largest fintechs, TransferWise, will be able to connect directly into Australia’s real-time payments system and further reduce foreign exchange fees, after the prudential regulator awarded it a restricted banking licence on Monday. The Australian Prudential Regulation Authority said the London-based foreign exchange disrupter had been granted a licence to provide a purchased […]
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Global

Australian Treasury Orders Review of Domestic Payments Regulation

“The Australian government has said it will review the regulatory architecture of the domestic payments system to ensure it remains fit for purpose and capable of supporting innovation beneficial for both businesses and consumers. “The regulatory architecture that applies to these new technologies, businesses and products have served us well, but have remained largely unchanged […]
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Global

NAB Hits Back at Afterpay with a No Interest Credit Card

“The rapid growth of Afterpay and younger borrowers’ desire for more control over debt prompted a response from National Australia Bank, which launched a no-interest credit card on Wednesday in a banking world-first. NAB’s StraightUp card will never charge interest to the customer, in contrast to the 20 per cent rates on many credit cards. […]
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Global

Cash Payments Plummet Thanks to Pandemic

“Bullock predicts that ATM consolidation around the country will accelerate, which on one hand is not the issue it was years ago since ATM interchange fees are mostly gone in the country, but on the other hand, cash is still heavily used by older and poorer Australians. An RBA survey last year found that while […]
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Global

Australia Central Bank May Use Powers to Lower E-payment Costs

“Australia’s central bank could use its regulatory powers to reduce the cost of electronic payments for merchants and consumers as the coronavirus pandemic makes people wary of using cash, Assistant Governor Michele Bullock said on Wednesday. The Reserve Bank of Australia (RBA) is conducting a review of retail payments regulation in the country with a […]

On The Wires

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Companies

Mastercard Expands Partnership with Transport for New South Wales with Faster, Flexible Digital Payment Options for Sydney’s Commuters

“With the global economy racing to embrace digital payments, Mastercard research shows 66 percent of consumers use as much, or more contactless payment experiences compared to before the pandemic1. Meeting this demand, Mastercard is working with its urban mobility partners to apply digital payment innovation to transit environments in order to provide commuters with fast, […]
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