Shareholders and members of Australia’s three domestic payment organisations, BPAY Group, eftpos and New Payments Platform Australia (NPPA), have submitted a formal application to the Australian Competition and Consumer Commission (ACCC) seeking to amalgamate the three schemes under a single parent company and Board.
The aim is to create a stronger, unified entity (“NewCo”) that will reduce costs, increase innovation and efficiency, and be better able to compete with the growing scale of overseas multinational payment platforms.
It is expected that the application will be made publicly available by the ACCC via their website in the next few days and is subject to a period of broad consultation. Throughout this time, the applicants will continue to have open dialogue and engagement with users of the payments system to explain the outcomes and benefits of the proposed merger.