The use of payment methods such as cash and cheques is declining in Australia, while the use of electronic payments (like cards and bank transfers) is growing.
These trends have accelerated in recent years as new technologies have made electronic payment methods more convenient, accessible and secure. Equally, the 2018 launch of the New Payments Platform (NPP) will speed this migration towards electronic payments.
In 2019, the RBA found that Australians made, on average, nearly 500 electronic payments a year, up from around 100 per year around the turn of the century.
The Payments System Board (PSB) is one of two boards of the Reserve Bank. The PSB is responsible for the Reserve Bank’s payments system policy. It is chaired by the Governor of the Bank. The PSB was established as a result of the Wallis Report to promote efficiency, competition and stability in the Australian payments system.
The ABA and our members commit time and resources to work with the Australian Payments Network and their members to enable competition, innovation, and control and manage risks while delivering improvements for all users of the payments system.
The payment system needs to offer the functionality, safety and reliability that Australian’s require. Australians need to have confidence that the electronic payment system will be operating when they want to make their payments and that it will deliver the payment services that they need.