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.