News about government contracts and decisions in the payments space
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
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With Treasury spokesman Ted O’Brien missing in action, mixed messages have come from coalition leadership on card payments and surcharging.
Merchant Service Fees
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Assistant Treasurer, Dr Daniel Mulino, has introduced legislation that paves the way for the Government to tackle payments issues such as the dominance of Apple Pay on mobile and blended rates for card payments.
Fintech
Free digital payments campaigner Jerome Laxale MP is returning to the Standing Committee on Economics, alongside the new Chair and former Industry and Science Minister, Ed Husic.
Cash
New Zealand retailers may be reaching for their “no tap” terminal signs again, after their government proposed a ban on surcharges for most Visa and Mastercard POS payments this week.
Facing hugely profitable and highly litigious Visa and Mastercard regulator chose to pull its punches
Is Australia moving closer to a new central bank digital Australian dollar, with the support of big banks, J.P. Morgan, three regulators, Australia’s domestic payments scheme and fintechs?
Digital & Online
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NSW Parliament is forming a Select Committee to look at competition reforms in electronic conveyancing.
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.
The politically charged removal of the technology-savvy Ed Husic from the Albanese ministry was certainly a blow - his are large shoes to fill. His departure from cabinet comes just as the government appears to pull focus on innovation and digital services, including payments. That is both welcome and overdue.
Prospects for real competition in the electronic conveyancing sector now rest on a Senate inquiry in Canberra, after one of two prospective competitor to monopoly player PEXA walked away and payments industry body AusPayNet launched a new “code of practice” in an effort to avoid regulation.
Dr Daniel Mulino has big shoes to fill as the newly named Assistant Treasurer and Minister for Financial Services, following the retirement of Stephen Jones.
Government
From payday super, to cash mandates, new payment system designations and a possible ban on debit card surcharging, the new-look Albanese government has a big payments reform agenda that could kick off almost immediately parliament resumes.
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.
Only 8 per cent of Australians say they would be comfortable talking to their family about being scammed, a new Commonwealth Bank survey reveals.
AUSTRAC has warned elements of the payments industry currently supplying payments terminals and ATMs to illegal tobacco shops that it expects them to follow the law, know their customers and report illegal transactions.
The NSW Government is rolling out tap and go payment options to 400 town bus services throughout regional NSW.
Aussies are continuing to cop debit card surcharges for Federal Government services such as new passports, visas and national parks entry, despite a proposed ban.
Surcharging
The members of a Senate Committee Inquiry face the daunting task of shaping the future of a cornerstone of the Australian economy – buying property - against a backdrop of industry discontent, outages and big business profits.
Opening a bank account could be a lot tougher for Australians under proposed changes to laws intended to disrupt financial crime.
A Labor backbencher has written to the Treasurer and Reserve Bank of Australia demanding they close a “regulatory loophole” that enables payments service providers to charge “excessive” fees via blended rates.
The Victorian Government is upbeat about the rollout of debit and credit card Open Loop payments for its public transport services from next year, despite rumours that its contractor, Conduent, is up sale and tens of thousands of readers are still to be delivered.
The NSW Government has signed five year deals updating NSW’s banking and payments services, expanding on its multi-partner banking model to “deliver an increased depth in liquidity and financial strength”.
CBA will provide transit ticketing acquiring services for the NSW Government for at least another five years and will also support the State to deliver “new technologies for improved journey planning, payment and information access”.
Citi has again been appointed as the provider of commercial cards for the New South Wales Government (NSW), promising to drive efficiencies through automation and reporting.
