CBA a big loser in Australia Post switch

Australia Post’s move to obtain a special banking licence will result in Commonwealth Bank of Australia (CBA) losing income. In an effort to reduce the transaction costs on bills paid through its Post BillPay service, Australia Post hopes to obtain a special banking licence and commence processing credit card and debit transactions by early 2006. CBA currently processes credit card payments made through BillPay, and will lose at least $A150m in interchange revenue and merchant fees. Australia Post says it intends to pass some of the savings on to consumers