George Lekakis

Read stories from Senior Banking and Financial Services Correspondent, George Lekakis

Banks

Jul 8, 2025

ANZ Worldline eyes more capital to address loan breach and funding

Struggling merchant payments provider ANZ Worldline Payment Solutions posted a record loss of $68.9 million in the 12 months to the end of December.

Banks

Jul 1, 2025

ANZ appoints tech executive to Worldline Australia Board

Peter Barrass is one of ANZ’s most successful technology executives after he engineered an overhaul of the group’s institutional payments arm. The bank has now tapped him to join the board of its ailing merchant payments joint venture with Worldline.

Regulation

Jul 1, 2025

RBA reforms may force Macquarie to rework its banking model

Australia’s fastest-growing debit card issuer – Macquarie Bank – may have to overhaul parts of its business if the Reserve Bank tightens debit card regulation later this year.

Merchant Service Fees

Jun 24, 2025

Chalmers dodges a productivity test on payments

Federal Treasurer Jim Chalmers has ducked for cover after his office was asked to explain why taxpayers are wearing the cost of government agencies only being able to accept online debit card payments processed through the Visa and Mastercard networks.

Merchant Service Fees

Jun 17, 2025

PayPal hikes Australian merchant fees as revenue flatlines

For many years PayPal has been a leading online processor of merchant transactions. However, recent financial disclosures indicate that the company is losing ground in the Aussie payments market to Stripe and others.

Merchant Service Fees

Jun 10, 2025

Taxpayers foot the cost of RBA’s EasyPay service

In 2021 the Reserve Bank gave banks 12 months to roll out least-cost routing for card-not-present payments. However, in 2025 the RBA-managed online payments platform - EasyPay – still hasn’t processed an eftpos transaction.

Regulation

Jun 3, 2025

Taxpayer millions and privacy on the line as ANZ Worldline flounders

As Victorian taxpayers gift millions to ANZ’s ailing partnership with French payments giant Worldline, some serious questions have emerged about the Reserve Bank’s management of an outsourcing deal with the joint venture.

Banks

May 27, 2025

ANZ Worldline cedes market share to Stripe and other non-bank acquirers

Stripe is making big inroads into the Australian acquiring market at the expense of ANZ Worldline and Westpac.

Fintech

May 20, 2025

Adyen reports record Australian growth and a compliance breach

Dutch-owned merchant payments provider, Adyen, could be facing heightened regulatory scrutiny of its Australian business after a local audit by PwC found that the subsidiary may have breached a condition of its financial services licence.

Government

May 7, 2025

Chalmers ready to pull the trigger on merchant fee reform

The clock is already ticking for the Albanese Government to lower merchant service fees and ban surcharging on debit transactions - two of the Labor Party’s policy pledges at the recent federal election.The legislative reforms create wide-ranging discretionary powers for the Treasurer to regulate payments system participants.

Cards

Apr 23, 2025

Discover eyes Aussie expansion in global push to take on Visa and Mastercard

United States regulators have given the green light to a mega-merger in the financial services industry that could have big implications for global payments markets, including Australia.

Nov 7, 2024

Bank outages put cash in the spotlight

As the average duration of system outages continues to blow out, Australian banks are facing a backlash from retail and business customers over the perceived instability of their digital banking platforms and payments channels.

Cards

Oct 15, 2024

RBA mulls radical reform of payments market

The Reserve Bank is considering the biggest overhaul of the payments system in more than 20 years as it recasts the long-running public debates over merchant fees and surcharging within its broader campaign against inflation.

LCR

Oct 8, 2024

Is the RBA about to blend the battle for lower merchant fees with its war on inflation?

“Given the RBA’s present priority on curbing retail inflation, an emerging question is whether Governor Michele Bullock will be looking to recast the battle over merchant fees as a macroeconomic concern.”