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Payments

This Month

Square argues a debit card surcharge ban will play into the hands of the major banks.

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
The RBA is reviewing how surcharging works after complaints that it was a growing and hidden cost of buying goods and services.

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 managing partner Andrew Lockhart is also the chairman of Navalo.

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
The use of Visa and Mastercard debit cards to pay for government services has been illegally attracting merchant fees since the Howard government era.

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
Pay.com.au, a platform that allows businesses to turn their expenses into frequent flyer points. Founder Ed Alder pictured.

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
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Cafés say coffee prices will rise across the board if debit surcharging is banned.

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

Cuscal is chaired by Elizabeth Proust.

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
Findi won a contract to supply the State Bank of India with over 4000 ATMs last year. Over 10 years, it is expected to be worth $620 million.

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 CEO Matt Comyn at the ASIC Annual Forum on Thursday afternoon.

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
Nick Molnar and Anthony Eisen. Afterpay celebrated its 10th birthday this week.

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

Anthony Eisen in 2021.

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
Cynthia Scott has navigated Zip Co back towards growth after rising interest rates in 2022 crunched the company’s valuation.

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
Cuscal CEO Craig Kennedy.

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
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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
AMP is on track to launch its new business bank in February.

AMP eyes February for long-planned expansion into business banking

The company, which already has a major mortgage loan book, will target start-ups and sole traders as it attempts to find higher margins.

  • James Eyers
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Pricing out for Cuscal IPO; seeks to raise $338m at 13.1 times

The deal will be fixed at $2.50 per share, giving the payments group a $479.1 million market capitalisation.

  • Sarah Thompson, Kanika Sood and Emma Rapaport
The Chanticleer podcast features James Thomson and Anthony Macdonald.

Nine’s mea culpa | PM’s beach house bungle | When a $5 coffee costs $5.04

This week on the Chanticleer podcast, James and Anthony discuss Nine’s apology for widespread bullying and harassment, and question the wisdom of the PM’s property purchase.

The new measures could stir further competition among payment platforms to reduce their fees.

What, me worry? Labor’s debit card surcharge ban and the $500m IPO

Second-time-lucky ASX aspirant Cuscal has found itself in the midst of sector-wide upheaval as the Albanese government hones in on debit card surcharges.

  • Sarah Thompson, Kanika Sood and Emma Rapaport
JPMorgan has done a deal with Quest to enter “merchant acquiring” in Australia where it will compete with major banks for retailers.

JPMorgan enters Australian payments as competition heats up

The world’s largest bank said it would start offering “merchant acquiring” services in Australia, in the latest threat to major banks’ payments margins.

  • James Eyers

Payment giants threaten to halt refunds for fraud

The two payment network giants have threatened to stop providing refunds to defrauded customers if forced to limit how much they charge for their services.

  • James Eyers

Original URL: https://www.afr.com/topic/payments-hpo