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29 April 2008 | 12396 views | 0
Australian banks are looking to the country's competition watch dog to derail plans by eBay to force customers to use its PayPal service to make payments on the online auction site.
Australia's central bank has stepped into the debate over eBay's proposals to make the use of PayPal mandatory for buyers and sellers on the online aution site.
In a submission to the country's competition commission, the RBA raises three issues of concern:
"The first is that it could limit the ability of new on-line payment systems to become established and for alternative systems to compete in the on-line payments space. The second is that it could restrict merchants' ability to negotiate lower fees. And
the third is that it restricts choice for consumers."
The unspoken fourth concern is that it could further accelerate the disintermediation of traditional banks in the digital payments field.
You can read the RBA's submission