The AFR Banking Summit on Tuesday will delve into some significant changes looming for how payments are made, triggering strategic deals by big players.
US card giant Mastercard has made an equity investment in Brisbane-based start-up Paypa Plane, joining Commonwealth Bank on the register as new payment functionality known as PayTo is due to be switched on next month.
The RBA is encouraging more payments to be shifted to local infrastructure instead of the Visa and Mastercard network. The raise was at double the valuation of Paypa Plane’s pre-series A round, but the valuation was not disclosed by the start-up or investors. The RBA wants to see local infrastructure – known as the new payments platform – as an alternative to the card scheme networks to reduce payment costs for small businesses.
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