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Australia: Payments provider slams banks for anticompetitive ways

 |  March 31, 2014

Payment provider Tryo has released a scathing letter to the Australian Competition and Consumer Commission slamming the nation’s banks for creating an anticompetitive atmosphere as the company called on the regulator to probe the industry.

According to reports, the letter to the ACCC includes claims that one major retail bank stated “we are trying to get Tyro out of the market,” a remark later relayed back to Tyro.

The payments company accused the industry of being oligopolistic and anticompetitive, harming innovation and forcing small companies to pay higher transaction fees than larger companies.

Tyro is now calling upon the ACCC to launch an investigation into the banking sector.

Full Content: The Australian

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