Australian Competition and Consumer Commission will not oppose Cuscal’s acquisition of Indue after finding limited competition risk in payment facilitation

The Australian Competition and Consumer Commission (ACCC) will not oppose Cuscal Limited’s proposed acquisition of Indue Limited, concluding the deal is unlikely to substantially lessen competition in the supply of payment facilitation services. The review examined how closely Cuscal and Indue compete, particularly in serving small and mutual banks and financial technology firms. The ACCC found that while both firms offer a broader range of services than many rivals, customers can typically source payment facilitation requirements from multiple suppliers across payment schemes. Input gathered from market participants, including 30 small and mutual banks, indicated many of the customers most likely to be affected supported the transaction, citing expected efficiencies and continued investment. The assessment also considered industry trends such as payments digitisation, which may lower switching costs and reduce barriers to entry.