Yesterday
Mastercard and Visa resist RBA plan to force fee disclosure
The US card giants are pushing back on the central bank’s objective of making their charges more transparent.
- James Eyers
This Month
Banks pick fight with RBA over wholesale payment fees
The central bank is considering stricter caps on “interchange fees” in its review of payment costs. Worth $2.1 billion annually, squeezing this could hurt competition.
- James Eyers
Payments provider Findi in $30m bolt-on acquisition ahead of IPO
Its backers have their eyes peeled for the Indian subsidiary’s IPO, which they’ve been told could see the unit valued at hundreds of millions of dollars.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Travel fintech Mint Payments gears up for $20m secondary round
Perennial Value Management, Duncan Saville’s ICM Allectus Capital and Kelly Partners Investment Office may seek to part with their minority positions.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Major banks split on surcharge overhaul as complaints surge
There is no consensus over the way forward for Australia’s controversial system of charging extra for card payments.
- Updated
- Lucas Baird
- Exclusive
- RBA
CBA urges Reserve Bank to scrap all card surcharges
The bank believes a complete ban on debit and credit card imposts is the simplest way to deal with surcharging inequity.
- Lucas Baird
December 2024
Debit surcharge ban unfairly favours major banks, claims Square
The Block subsidiary introduced “blended” card payment fees which include using its software. They have become a flashpoint in the RBA’s payment cost review.
- Updated
- James Eyers
- Opinion
- Opinion
There are more hidden costs to payments than people think
Consumers should not pay excessive surcharges, but a total ban will not lower the expense of card payments for businesses.
- Jon Davey
Metrics moves to compulsorily acquire BNPL underdog despite objections
Shareholders have accused Metrics of “grossly underestimating” the company’s valuation, “systematically devaluing the company through sham capital raises”, “selective disclosure” and “predatory behaviour”.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Cut surcharges by divorcing debit and credit, Westpac tells RBA
Blended pricing structures charge retailers a flat fee no matter the card, and lead to debit card users subsidising benefits for credit card users.
- Lucas Baird and James Eyers
IPO-candidate Pay.com.au launches raise to fund US expansion
Street Talk understands Pay.com.au is seeking to raise $15 million via a private placement at a $303 million pre-money equity valuation.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Restaurants warn fee ban will lead to prices to rise
The government’s proposal could see credit card users doubly penalised by paying higher prices, and face an additional surcharge set around 2 per cent.
- James Eyers
November 2024
APRA warned Cuscal on risk settings ahead of IPO
The payments company, set to list on the ASX next week, is working with the regulator to improve compliance systems after an external review disclosed in its prospectus.
- James Eyers and Lucas Baird
Payments tearaway Findi carves out $75m unit from Indian giant Tata
Findi is set to acquire Tata Communications Payment Solutions, which will bring 4600 operational ATMs into its network and swell full-year revenue by a third.
- Sarah Thompson, Kanika Sood and Emma Rapaport
CBA’s Comyn boils over at Apple free-riding on banks
The CBA boss said the government should consider hitting tech companies with a bank-style levy to even the competitive playing field.
- James Eyers and Lucas Baird
Inside a decade-long rollercoaster ride with Afterpay’s Nick Molnar
Ten years ago this week, the buy now, pay later firm’s founder sold some jewellery to his business partner Anthony Eisen in a novel way: pay-in-four.
- James Eyers and Jonathan Shapiro
October 2024
Anthony Eisen bows out at Afterpay
The co-founder of the buy now, pay later pioneer told staff at Block, which he joined after the takeover, he would step away from an executive role.
- James Eyers
Zip banks on interest rate cuts as transaction volumes soar
The buy now, pay later group has endured a difficult two years and returned to growth, particularly in the US, where the majority of sales are processed.
- James Eyers
IPO hopeful Cuscal worth up to $656m at 10.3-times EBITDA: BofA
This is its second shot at securing an ASX listing after it pulled the plug on a $367 million to $378.4 million IPO bookbuild last year.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Small businesses fear payments squeeze in surcharge ban
Business owner Rob Anderson says payment processing costs have jumped “exponentially” with 80 per cent of customers now using card and digital payments.
- Lucas Baird