ACCC authorises amalgamation of BPAY Group, eftpos and NPP Australia to form Australian Payments Plus
The Industry Committee and Australian Payments Plus (AP+) has welcomed the Australian Competition and Consumer Commission’s (ACCC) decision to authorise the amalgamation of BPAY Group, eftpos and NPP Australia (NPPA) after accepting a court-enforceable undertaking offered by the parties.
In the Summary of its Final Determination, the Commission states that the merger of the three payment schemes would not risk substantially lessening competition because their core payment services are for different uses and are largely complementary.
The Determination also states that the merger will enable the three payment schemes to coordinate investment proposals and avoid inefficient duplicative spending, which is likely to result in public benefit, by placing the major banks and other shareholders in a better position to deliver payment service initiatives more quickly and successfully, for the benefit of consumers and businesses.
ACCC Chair Rod Sims said: “Further, the merger will enable the three payment schemes to coordinate investment proposals and avoid inefficient duplicative spending. Importantly, this will increase the likelihood of the major banks and other shareholders investing in domestic payment services.”
“This is likely to result in public benefit, by placing them in a better position to deliver payment service initiatives more quickly and successfully, for the benefit of consumers and businesses.”
A full statement from The Industry Committee and Australian Payments Plus (AP+) can be read here.
The Commission’s Final Determination can be read here.
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