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E-commerce payments competition in the sights of upcoming Australian central bank probe

( June 18, 2024, 03:57 GMT | Official Statement) -- MLex Summary: The anticompetitive use of proprietary payments systems by large e-commerce platforms such as Shopify and Squarespace will be scrutinized by Australia’s central bank in an upcoming inquiry, according to a top official. In a speech in Melbourne, Ellis Connolly, the head of payments policy at the Reserve Bank of Australia, said the bundling of payment services with wider offerings allowed some businesses to develop a level of market power that could then be used to limit competition. Connolly said the central bank’s impending review of Australia’s payments system would focus on ways of increasing competition for online payments services.A copy of the speech follows....

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