eftpos, BPAY, NPPA agree to merge as single entity

Tuesday 15 December 2020 09:10 CET | News

Australia-based payments infrastructure providers eftpos, BPAY, and NPP Australia (NPPA) have agreed to merge as a single entity.

The decision is pending further consultation and approval by the Australian Competition and Consumer Commission (ACCC). The companies have agreed to merge in a bid to reduce costs and better compete with overseas payment platforms.

Via the merger, a new entity, named NewCo, will be created, with a single board to govern its operations. NewCo is expected to provide a multi-service infrastructure and a unified roadmap. eftpos, BPAY, and NPPA will continue to be preserved as distinct operations, each with their own operating governance and management schemes.

eftpos, BPAY, and NPPA are expected to file a formal authorisation application with the ACCC in March 2021 that provides full details of the proposal and rationale.

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Keywords: eftpos, BPAY, NPPA, NPP Australia, NPP, ACCC, Australian Competition and Consumer Commission, Australia, merger, payments infrastructure providers, NewCo
Categories: Payments & Commerce
Countries: Australia
This article is part of category

Payments & Commerce