Tyro locks in new CEO as suitors continue to circle

By Michael Sainsbury, Senior Business Correspondent

Shareholders are agitating for incoming chief Nigel Lee to realise some value for the company.

ANZ Worldline gets tough on illegal tobacco as AUSTRAC targets banks and PSPs

By Michael Sainsbury, Senior Business Correspondent

“Just like the banks, payment platform providers should already be alive to the risks of illicit tobacco profits and consider who they are providing services to and how much risk they carry,” AUSTRAC.

Merchant fees surge 10% ahead of proposed surcharge ban

By Peter Drennan, Senior Business Analyst

New RBA data shows Australian merchants are paying $300 million more annually in card fees, despite political and regulatory scrutiny on surcharging and interchange reform.

57% of Aussie corporates unaware of BECS “2030+” shutdown: CBA research

By Warwick Ponder, Editor

New CommBank research suggests the majority of Australian corporates are unaware that the industry is planning to decommission the Bulk Electronic Clearing System (BECS) by “2030+”.

Toast set to smoulder in busy Aussie hospitality market

By Michael Sainsbury, Senior Business Correspondent

The US payments giant Toast faces a bewildering array of competitors in a market primed for change with the banning of surcharges.

Velocity flies into the interchange and surcharge storm

Commentary by Brad Kelly, Payments Expert

While all eyes are on Qantas, Virgin Australia has fired a distress flare on the potential impact of the Reserve Bank of Australia’s Review of Merchant Card Payment Costs and Surcharging – saying it could impact both revenue and Velocity cards.

Focus on new BECS timeline as Mulino makes payments debut

By Warwick Ponder, Editor

A revised closure timeline for the Bulk Electronic Clearing System (BECS) will be front and centre when the new Financial Services Minister Daniel Mulino talks publicly on payments strategy for the first time in Sydney next month.

Enter the magic “plus”, Cuscal’s catwalk, SMEs redefined and Block’s tumble

On The Interchange Bench this week, the BECS closure date gains a magic “plus”, as Cuscal execs take to the catwalk, the ABA redefines SMEs (again), Block takes a tumble and Amazon missteps on 11 November marketing.

Westpac wins ALDI acquiring ahead of surcharge ban

By Warwick Ponder, Editor

Westpac has won ALDI’s acquiring business, just months out from the Reserve Bank of Australia’s proposed ban on surcharging which will force the supermarket giant to rethink its payments strategy.

NZ surcharge ban will create an “uneven playing field” with online excluded

By Gabby Taylor

Feedback has now closed on the Retail Payment System (Ban on Merchant Surcharges) Amendment Bill introduced to New Zealand Parliament on September 16 and groups have voiced their concerns about the impact on businesses and consumers.

Financial counsellors remain concerned about BNPL impact, as online transactions climb

By Rachel St Clair, Reporter

Consumers could be digging themselves into deeper debt using Buy Now Pay Later (BNPL) to pay for essential items say financial counselling experts, as new PayPal research shows one-in-three Australians are using BNPL for online payments.

Credit card growth overtakes debit as interest-bearing balances hit four-year high

By Peter Drennan, Senior Business Analyst

Annual growth in credit cards has overtaken annual growth in debit cards for the first time since August 2023, ending two years of stronger debit card growth.

CBA cries foul after receiving Shonky Award for “unfair fees”

By Staff Reporter

CommBank is sending its shonky award for “unfair fees” back to CHOICE, after revealing it has paused fees for “eligible concession customers” and had spent $25 million on goodwill payments.

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