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eftpos comment – formation of Industry Committee to consider domestic scheme consolidation

By June 4, 2020 June 15th, 2020 No Comments

SYDNEY, New South Wales — 4 June 2020 – eftpos CEO Stephen Benton today commented on the announcement of a new Industry Committee which will consider the consolidation of domestic payments schemes in Australia.

“eftpos welcomes being involved in discussions around consolidation of elements of domestic payment systems over time. Of course, any outcomes must be in the public interest, and drive efficiency and effective payment services in the short or long-term,” eftpos CEO Stephen Benton said.

“Any investigation should look at a range of options. Any solutions should drive for the most appropriate and optimum outcomes for end users in the long run, so any investigation into consolidation should include consideration of collaboration between the three schemes, that currently have a different focus, to greater public benefit. To this end, we query the timing of NPP’s announcement given all the country has been going through.

“Alternatives to consolidation may include collaboration on core infrastructure assets, while competing on transactions and continuing to drive competition. Collaboration may have advantages such as speed to market, reduced investment – both operational and transaction costs – increased resilience and better leveraging of core assets.”

About eftpos

eftpos is Australia’s own debit card network, accounting for more than 2 billion CHQ and SAV transactions in 2019 worth around $130 billion. For more information on eftpos, please visit: www.eftposaustralia.com.au

Media inquiries:

Warwick Ponder, eftpos 0408 410 593 WPonder@eftposaustralia.com.au