TAG | Australia’s Reserve Bank makes major PayPal decision |
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| by Alex Zaharov-Reutt | |
| Thursday, 21 August 2008 | |
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Page 1 of 2 The letter reads as follows (in italics): "I wish to share with you news of an extremely exciting development in our group's quest to bring eBay and PayPal into line with all consumer legislation in Australia. "I draw your attention to the following text extracted from this afternoon's media release by the RBA (Reserve Bank of Australia). I have bolded the key text. "Over recent months, the Board has received a number of comments on the no-surcharge and no-steering rules that apply to payments using the PayPal system as well as the mandated acceptance of PayPal on eBay’s auction site. "Where no-surcharge and no-steering rules have existed in other systems, the Board has encouraged their removal on the grounds that these rules can diminish competition in the payments system. Consistent with this, the Bank will shortly be holding discussions with PayPal with a view to seeking the removal of these rules. "The RBA media release is here. "What does this mean ? "This is a huge step forward for delivering fairer treatment for 5 million eBay members in Australia at the hands of eBay/PayPal. Indeed, the ramications could well be global as informed observers hold the view that eBay's recent actions in forcing PayPal on Australians was a pilot for a global roll-out." Contined on page 2 |
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