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Eftpos will ‘not lose its identity’ in merger

Seal Media Group, Australia

ACCC Chair Rod Sims says eftpos will not “lose its identity” in a merger with BPAY and NPP Australia, which it gave the green light to recently.

The competition regulator announced this week the merger between eftpos, BPAY and NPP Australia has been given the green light, however only with safeguards to ensure eftpos remains.

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“That clearly was the issue, whether eftpos, as it came together with BPAY and the national payments system would lose its identity, Mr Sims told Sky News Australia.

“What we’ve got here is an undertaking that says: not only will they promote least cost routing, but they’ll invest in the infrastructure so that eftpos can not only be used in a store, can be used online, in-app payments.

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“So, the combination of saying they’ll promote it, plus spending on the infrastructure, I think they should be pretty pleased with that.”

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