News about payments regulation, including from Treasury, the RBA, ACCC, AUSTRAC and other authorities
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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Despite an RBA prompted inquiry into A2A and plenty of warnings from fintechs like Zepto and Volt, a lack of industry coordination or tough regulation looks set to keep BECS operating well beyond 2030.
Fintech
The federal court has ruled that Apple and Google’s app stores had no protections against anti-competitive behaviour.
Digital & Online
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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Luxembourg-based Banking Circle is preparing to challenge Cuscal’s dominance of payments outsourcing after local regulators approved its buyout of Australian Settlements Ltd.
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.
The ACCC reiterated the vital role that cash plays in the Australian economy at a banking conference in Sydney last week, while the big banks celebrated the rise of digital payments.
Cash
The ACCC has sent a strong signal that the government is preparing to open payments competition on Apple iPhones, currently dominated by Apple Pay which has a stranglehold on the iPhone's NFC chip.
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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.
Can Beem finally win against Apple, or has the horse bolted?
Facing hugely profitable and highly litigious Visa and Mastercard regulator chose to pull its punches
Despite not being subject to AUSTRAC rules, Next Payments has taken its own initiative on illegal tobacco, shaming banks and others that continue to provide terminals. CEO Tim Wildash simply says, "no (tobacco) licence, no ATM".
New Zealand's Commerce Commission has retained a zero debit interchange option for merchants, continued card surcharging and reduced other interchange fees for businesses accepting Visa and Mastercard payments.
The Reserve Bank of Australia has announced an intention to reduce credit interchange from a cap of 0.80% to 0.30%. The move has been welcomed by merchants across the nation who have for decades unwittingly subsidised rewards programs for the banks.
Taiwanese financial services giant Fubon Financial has applied for an Australian banking licence.
Cash has again become a hot topic this week with the Council of Financial Regulators and the ACCC releasing a consultation paper on cash distribution.
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.
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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.
Visa and Mastercard's interchange fees infringe competition law, a London tribunal has ruled in the latest round of the ongoing legal battle.
Three fintechs have teamed up to help Aussie businesses stay ahead of regulatory change in payroll and superannuation.
When the Reserve Bank of Australia (RBA) kicks off its consultation on the Review of Merchant Card Payment Costs and Surcharging next Tuesday, Australia will have three big payments consultations running in tandem. Why?
The Reserve Bank of Australia (RBA) has released a consultation paper on how it intends to implement its new powers to respond to threats posed to the financial system by Clearing and Settlement (CS) facilities like those managed by ASX.
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.
ASIC has announced an Inquiry into Australian Securities Exchange (ASX) group, while the Reserve Bank of Australia (RBA) explores regulatory options to “ensure CHESS Replacement is designed with an appropriate level of resilience for critical financial market infrastructure”.
The Payments System Board has released the minutes of their June meeting, with disclosure on when to expect the merchant payment costs consultation paper, a welcoming of the Standard for Payment Service Provider Porting of Merchant Payment-Related Data and revealing ongoing concern about CHESS and its December batch failure.
