ACB News “Australian Finance Online” June 5 It is reported that the Australian banking industry will discuss the merger of the three major payment systems, and strive to establish a single payment platform to compete with fintech companies in other countries.
Australia’s current three major payment platforms include NPP, BPAY and eftpos. They have different focuses, different business strategies and compete for customers. After the merger, banks can reduce payment costs and improve investment efficiency.
One of the purposes of the Australian banking community is obviously to enhance competitiveness. With the world’s largest financial technology companies including Google, Apple, Tencent and Alibaba entering the payment field, coupled with the veteran credit card companies Visa and Mastercard to compete with local companies in Australia, the Australian payment system is facing major challenges.
