New Payments Council admits just one new player
PayPal is the sole newbie on the Australian Payments Council, a "newly established strategic coordination body for the Australian payments industry."The formation of entities intended to shape payments industry progress is a perennial of Australia's banking scene.ANZ, the Australian Payments Clearing Association, Commonwealth Bank, Cuscal, eftpos Payments, First Data, National Australia Bank, PayPal, RBA, Suncorp-Metway, Visa, Westpac and Woolworths will share a table.MasterCard, Bendigo Bank, ME Bank, JP Morgan, Deutsche and many others are sitting this new body out for now. Christine McLoughlin, a commercial lawyer, will be non-executive chair. She has ties to NIB and Westpac.McLoughlin said the Council and APCA, which initiated the formation of the Council, would operate as complementary bodies."The Council will look at strategic issues as the payments landscape changes," she said.