Proposed amalgamation of BPAY, eftpos and NPPA – proposed undertaking

ACCI is pleased that the ACCC has acknowledged a number of issues in its Statement of Preliminary Views released on 4 June 2021 and its 6 August 2021 Invitation to Interested Parties in relation to the proposed undertaking. In particular, the ACCC’s 6 August Invitation refers to concerns that the proposed amalgamation may mean a decrease in availability of LCR and reduced support for eftpos. ACCI shares the ACCC’s concerns and, as stated in our submission on 20 April 2021, we believe there is a real risk that the proposed merger may in fact increase the transaction costs of digital payments across the economy. The increase in transaction costs are being absorbed by a cash poor and cash sensitive small business community significantly impacted and stressed by the ongoing COVID-19 pandemic. Now is certainly not the time to place at risk a low-cost payment rail, particularly when a greater proportion of businesses are accepting online and digital payments from their customers.