Commonwealth Bank will be the biggest loser when interchange is completely eliminated from the Australian payments system. Good.
Most of the payments transactions CommBank handles are ‘On us’. It comfortably exceeds 20 per cent.
This is the perfect position to be in in banking and payments , especially considering you set out to set up this corrupt payments arrangement in the first place.
As the number one bank in Australia and leader of the dreadful, disgraceful industry cartel, it is clearly the responsibility of Commonwealth Bank to extend its lead.
The deftness and the defiance with which CBA got everything humming smoothly and playing to its interests - you have to give them credit.
They bludgeoned their way to a position of immediate leadership in payments in Australia, and CBA have made it their business to extend this lead.
Bravo to them.
So it’s a pity really, the upcoming elimination of all those super profits
Interchange will be reduced to zero. Suddenly and soon.