George Lekakis

George is one of Australia’s most respected business writers with a passion for banking and financial services. Over a career spanning almost 30 years, George has written for numerous publications including the Australian Financial Review, The Herald Sun, the New Daily and The Eureka Report.

PayPal, CBA and Stripe rack up most complaints at AFCA

In 2025 PayPal overtook CommBank in the volume of merchant complaints filed with the Australian Financial Complaints Authority. Official AFCA data also shows complaints were received from users of ANZ “merchant facilities” even though the bank exited merchant acquiring in 2022.

Fintech

Merchants wait on Chalmers to close AFCA scheme loopholes

Small business customers of ANZ Worldline Payment Solutions and the Fiserv-owned Clover platform are unable to lodge claims against either provider with the Australian Financial Complaints Authority. While both acquirers are exempt from having to submit to AFCA’s jurisdiction, their non-participation in the dispute resolution scheme highlights a loophole that lawmakers have failed to close.

Fintech

Derelict devices put spotlight on AusPayNet

For many years the Reserve Bank has set an expectation on financial institutions to improve the reliability of payment services. So, how is it that banks and other providers are able to sell or rent payment devices that don’t work or appear to break down easily?

Digital & Online

Shareholders tip another $3 million into Azupay

Official filings show that real time payments specialist Azupay has executed its first capital raising since July 2023.

Fintech

Soaring merchant fees stoke boom in payments advisers

The opacity of merchant fee pricing across the globe is spawning a wave of litigation and burgeoning demand for payments experts. One of the world’s largest merchant advisory groups, BB Merchant Services, says it is expanding its presence in the Australian market.

Cash

Payments reforms put global providers in the frame

After years of deliberation and delay, federal parliament has finally passed changes to the Payments System Regulation Act. While the reforms give the Treasurer new special powers to designate payments systems in the ‘national interest’ they are unlikely to advance the RBA’s mandate to support competition. Currently only eftpos, NPP, Visa and MasterCard are designated payment systems.

Merchant Service Fees

RBA asked to explain soaring merchant costs as it finalises reforms

Small business groups want the Reserve Bank to shed light on why the average fee to process an eftpos transaction is rising as wholesale costs decline and more banks make least cost routing available to merchants. They say it’s pointing to something profoundly dysfunctional in the Australian payments system.

Fintech

How reliable are the RBA’s official numbers on debit routing?

Banks and other acquirers enjoyed lower wholesale costs for processing eftpos transactions last year, but the average service fees paid by merchants still soared by 34 per cent. The blowout in merchant costs comes as the RBA released fresh data that least cost routing had been “enabled” for 80 per cent of Australian merchants at the end of June.

Merchant Service Fees

JP Morgan looks to ruffle local major banks in corporate payments

The country’s big four banks face a serious challenge from JP Morgan in the institutional payments market.

Banks

Adyen halves merchant costs with AI-enabled dynamic routing

Adyen has achieved a breakthrough in lowering the payments costs borne by merchants in Australia and the US, using an AI-driven dynamic routing platform. The service has delivered cost savings running into the millions for big online merchants such as Adobe and Microsoft.

Fintech

Cuscal swoops on Indue ahead of ASL marketing push

Cuscal boss Craig Kennedy says he has received positive feedback from Indue customers about his company’s proposed $75 million buyout of its Brisbane-based rival.

Fintech

Banks among potential suitors for Tyro but still no sale

Tyro investors are jittery after it revealed it had rejected several offers to sell its business but still hasn’t landed a buyer.

Fintech

CBA eyes massive capital gain on Klarna IPO

As one of Klarna’s largest shareholders, Commonwealth Bank is set to book a fat gain when the buy now pay later company floats its operations on the New York Stock Exchange.

Banks

VC cash runs dry for retail payments fintechs

Venture capital support for retail payments fintechs continues to wither. But it’s a different story for enterprise-focused fintechs and retail players active in the wealth management and lending sectors.

Fintech

ACCC missing in action on anti-competitive payments deals across the public sector

The ACCC prefers to do nothing when state and federal government agencies such as Transport for NSW enter deals that stifle competition in the payments industry.

Regulation

Mutual bank executives pampered in Brisbane as Cuscal and ASL go into battle

Cuscal and ASL this week fired the opening salvos in their emerging war for outsourcing mandates in the mutual banking sector.

Fintech

Rankin departs Azupay board

Payments industry veteran Kirsty Rankin has pulled stumps on her time as a director of Azupay.

Fintech

European payments giant eyes Cuscal’s Aussie customers

Luxembourg-based Banking Circle is preparing to challenge Cuscal’s dominance of payments outsourcing after local regulators approved its buyout of Australian Settlements Ltd.

Fintech

Westpac still spruiking special fee offer to new business customers even though it will be scrapped in a few weeks

Westpac will slash the entitlements of business customers to free staff-assisted transaction services at the end of August. But that hasn’t stopped the bank from using the offer to lure new customers.

Cash

RBA reforms stoke fee and bargaining distortions in the payments sector

The Reserve Bank’s inaction on blended rate plans and its unwillingness to strengthen collective bargaining with banks have narrowed strategic options for small businesses.

Merchant Service Fees

PayPal Australia appoints former ANZ executive to its board

Jenny Fagg, the banker who built the business case for the New Payments Platform, joins PayPal Australia as an independent director

Fintech

Taiwan bank eyes push into Australia

Taiwanese financial services giant Fubon Financial has applied for an Australian banking licence.

Regulation

Change at the top of ANZ Worldline after CEO resigns

John Collins has been appointed interim chief executive of ANZ's merchant acquiring joint venture with Worldline following the departure of Steve Aliferis.

Buyout target Smartpay exposed to fallout from RBA reforms

Publication of the RBA’s payments roadmap put Tyro’s share price under pressure on Tuesday, but the business fallout will be more widely distributed in the payments sector.

Fintech

Retailers accuse RBA of “political fix” on card fees

Small business groups say the RBA’s proposed reforms won’t bring down card fees anywhere near as much as anticipated, and consumers will end up paying higher prices.

Merchant Service Fees