Within weeks the Australian Competition and Consumer Commission will decide whether Australia’s three main payments platforms – eftpos, BPAY and the New Payments Platform – are allowed to merge.
The merger is mired in opposition from small business which claims the cost of transactions could double or triple if the deal goes through.
Sitting in the shadows are two other big payments companies, Mastercard and Visa, but the deal also raises serious questions about the role of the Reserve Bank – regulator, shareholder and agitator for the merger.
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