Friday, 02 November 2018 11:20

Competition regulator clears way for Ingenico-Paymark deal Featured

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Competition regulator clears way for Ingenico-Paymark deal Image courtesy of Stuart Miles at FreeDigitalPhotos.net

New Zealand’s competition enforcement agency, The Commerce Commission, has finally cleared the way for global payment services company Ingenico Group to acquire 100% of the shares of payments provider Paymark.

Ingenico offers point of sale payment terminals, electronic payment software and transaction services — and is a wholesale supplier of its POS terminals to resellers in New Zealand — while Paymark is owned by four of New Zealand’s five major trading banks: ANZ, BNZ, Westpac, and ASB.  

Announcing its decision on Friday, the Commission said it had focused mainly on whether the combination of Paymark’s switch with Ingenico’s terminal business might reduce competition for the supply of payment terminals.

Commission chair Dr Mark Berry said the Commission was satisfied the acquisition would not substantially lessen competition in any of the markets it assessed.

{loadoposition peter}This is a complex market that is evolving with the introduction of new payment systems technology. On balance, we considered that there were sufficient constraints in the market to ensure that Ingenico is motivated to keep the market for payment terminals attractive to merchants," he said.

“Attempting to prevent or deter access by its terminal competitors to the Paymark switch would risk rivals building their own payment switch or encourage merchants to take up new payment technologies.

“We concluded that Ingenico would likely be incentivised to seek to maximise the volume of transactions that Paymark processes to avoid this risk.”

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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