The Australian Competition and Consumer Commission has deferred making a decision on the proposed merger of the country’s three domestic payments schemes until September.
The regulator had previously intended to make a public determination on the application before the end of this month, but in a discreet update on its website last night indicated it had obtained agreement from the applicants to extend the examination process until 10 September.
Directors of the merger aspirants – NPP Australia, BPay and Eftpos – lodged their application with the ACCC in the middle of March, arguing that a combined entity would improve efficiency of the payments system and help the domestic schemes to compete against global players.
The extension of the timetable for considering the application indicates that the regulator is reviewing its preliminary findings published in early June that raised concerns about potential for the merger to lessen competition in the payments market.
However, the ACCC did not publish its reasons for extending the examination period.