Banks fight over Bill Express network

ANZ Bank will install 2,600 EFTPOS machines at newsagents and supermarkets in the next 48 hours to prevent rival banks from stepping into the now collapsed BillExpress network. Bill Express had 4,700 agencies nationwide, mostly in newsagents. Every Bill Express machine has an ANZ EFTPOS unit attached, and the bank earns a fee from each transaction. The bill payments network collapsed after being unable to finalise a rescue package with Saudi investors. Bill Express had $1 billion in annual revenues, mostly from selling pre-paid phone cards. The company was put into trading halt on May 1 when it was revealed that it could not pay a debt to Optus. ANZ will write off $53 million it is owed by the company.

Source: The Age