It’s London-To-A-Brick On Payment Platform Merger Down Under

SYDNEY: We’ve had the shrapnel (five-cent coin), the brick, (five-pound note) and even the “lobster” (the 20-dollar note), but nicknames like those appear to be going out the window, along with coins and notes, as Australia moves one step closer to digital-only currency.

So much so, that much of our major payment infrastructure is on the verge of merging with banks backing the consolidation. After months of consultations with stakeholders, the New Payments Platform Australia Board has established an industry committee to study the consolidation of BPay, eftpos and NPP Australia.

“There is merit in exploring the potential consolidation of BPay, eftpos and NPP Australia into a single entity under the current ownership,” said NPP Australia chair Bob McKinnon.

Calls for consolidation of the three providers were raised as part of the Reserve Bank of Australia’s review of payment regulation earlier this year. The new review committee will consist of all 22 stakeholders across the three payment providers and an independent chair.

The process is expected to take up to nine months and will focus on issues of ownership, structure and corporate governance around a potential merger. 

Both eftpos and BPay have welcomed the move as an opportunity to assess the benefits of better coordination of Australian payment systems. – Chris Castellari