The Shift in Merchant Acquiring Landscape
Over the past few years, the merchant acquiring space has seen a significant shift. The latest annual data on ADI Points of Presence from the Australian Prudential Regulation Authority (APRA) illustrates this change quite clearly.
Decline in Bank-Owned Eftpos Terminals
According to APRA’s data, banks reported 694,000 installed Eftpos terminals at June 2025, a sharp drop from 708,000 at June 2024. This reduction continues a trend that has been evident since 2019, when banks collectively had a total of 874,000 Eftpos terminals in place.
What’s behind this decline? The answer lies in the emergence and rise of non-bank acquirers such as Square, Stripe, and Zeller. These players are increasingly dominating the merchant acquiring landscape, leading to a significant reduction in the market share of banks.
Non-Bank Acquirers Making Major Gains
Even in 2019, non-bank acquirers had a substantial combined market share. Over the past six years, their stake in the market has grown materially. Companies like Square, Stripe, and Zeller have developed compelling value propositions, leveraging modern technology to provide more efficient, user-friendly payment solutions that have found favor with merchants.
These non-bank acquirers have been successful in offering a viable alternative to traditional banking services. They have managed to cater to the ever-evolving needs of merchants, providing them with the necessary tools and technologies to accept a wide array of payment methods.
Cuscal Benefits from the Rise of Non-Bank Acquirers
As the payment processor for key non-bank acquirers, Cuscal is also enjoying the benefits of this shift in the market dynamics. As more and more merchants opt for the services of non-bank acquirers, Cuscal’s role and relevance in the payment processing landscape have grown significantly.
This trend is not just good news for Cuscal and the non-bank acquirers; it also underscores the larger shift in the financial services ecosystem. The rise of non-bank players in the merchant acquiring space is indicative of the broader trend towards financial technology (fintech) and digital payment solutions, which are reshaping the way businesses and consumers interact with financial services.
In conclusion, the merchant acquiring landscape is undergoing a significant transformation, with non-bank acquirers like Square, Stripe, and Zeller making major gains. As conventional banks continue to lose ground, these innovative fintech players are well-positioned to drive the future of the industry.
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