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PayDay News | Australian Payments News

Local banks face a global online monopoly as Stripe moves on PayPal

Senior Business Correspondent
22 Jul, 2026
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Michael Sainsbury
Senior Business Correspondent
22 Jul, 2026
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With CBA the only local bank to have flagged using its local “on-us” advantage to create a strong local challenger, the deal could see a further deterioration in Australia’s payments sovereignty as the market moves online.
Local banks face a global online monopoly as Stripe moves on PayPal
Stripe and private equity firm Advent International made their joint offer of US$60.50 per share for PayPal last week. Stripe managing director for Australia and New Zealand, Karl Durrance said Australia is a core engineering office for Stripe.

With CBA the only local bank to have flagged using its local “on-us” advantage to create a strong local challenger, the deal could see a further deterioration in Australia’s payments sovereignty as the market moves online.

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