Access and choice are key to a healthy payments system

By eftpos CEO Stephen Benton

Few Australians would argue that equitable access to services, networks and platforms does anything but improve our quality of life and boost our potential as a nation.

Whether that be access to education, health, roads, the internet or indeed payments options, the concept of an individual’s right to choose is an idea that has made our nation a great place to live and do business.

Concepts like fairness, competition, choice, access to services and sound money management have been important themes in the current Federal election, as Australians continue to assert their right to champion these key principles of our society.

In payments, access to platforms by companies like eftpos is absolutely fundamental to competition and choice, and most often leads to better outcomes for individuals and businesses.  This will be particularly true in the rapidly transforming digital payments arena and as more Australians move away from cash.

Why is this important? Because payments impact everybody’s daily life.  An efficient and equitable payment system is the backbone to our modern economy.

It is essential that people have a right to choose payment options, no matter which platform they are transacting from.  Choice should not be inhibited by commercial or technical constructs that reduce competition.

Some may argue that those that are first to launch innovations should be able to lock out those that come after.  If that were true, the Romans may be running our roads network, the descendants of the Wright brothers could own the skies, the internet would be run by the CIA for a fee and countless millions of people would not have access to life-saving medicines.

At eftpos, we will continue to champion the right to choice and access because we believe it leads to better outcomes for Australia and Australians.