Watchdog chair does not consider the merger of Eftpos, BPay, and NPPA to be something that will substantially lessen competition in any payments market and has accepted a court-enforceable undertaking put forward by the parties.
Latest from Asha Barbaschow
Cryptocurrency exchange Bitcoin Babe testified it has been debanked 91 times and bullied by Austrac, with the industry body calling for an end to such 'anti-competitive' behaviour from Australia's banks.
Among 15 recommendations to bring Australia's payments system into 2021 is the proposal for one licence that is scalable based on the payment function sought to be provided and a stronger role for government in setting the strategic direction of the overall system.
The soon-to-be Jack Dorsey-owned buy-now, pay-later firm might boast 16.2 million customers, but its loss has widened to just over AU$159 million for the 2021 financial year.
The ACCC is seeking views on a court enforceable undertaking which has been offered by three Australian payment services providers seeking to merge.
Payments company says it is bringing large-scale payments competition to the online retailer sector later this year, with additional security features and a five-year, AU$100 million investment to make it happen.
Another Australian tech success story headed for the United States, this time via a share buy-out from the payments company headed by Twitter's CEO.
The company is gearing up to go live with its QR payments system in August, shutting down concerns it won't be able to compete in a 'tap and go' dominated society.
Commonwealth Bank wants access to Apple's NFC tech to open up competition in Australia. It has told the committee looking into it that Apple uses its market position when it comes to negotiating Apple Pay contracts.
Until such time regulation is introduced, the sector body wants safe harbour protections for crypto asset providers.