15 Jan 2020

- Digitisation and the trend towards cashlessness has led some central banks to consider the introduction of a central bank digital currency (CBDC);
 

- Many central banks have determined that developments in technology (fast-payments innovations in particular) mean that many of the potential benefits of CBDC can be satisfied in other ways and...

6 Jan 2020

  • On September 2019, EMVCo published the White Paper on Payment Account Reference (PAR);

  • PAR is a new data element that is assigned to each unique PAN and used to link a payment account represented by that PAN to its affiliated payment tokens;

  • The purpose of PAR is to allow systems that need to uniquely identify a card or cardholde...

5 Dec 2019

- On 29 November 2019, the Reserve Bank of Australia (RBA) launched a Review of Retail Payments Regulation (the Review) with the publication of an Issues Paper. Submissions are due 31 January 2020.

- This is the latest in a series of semi-regular reviews of payments regulation that the RBA has conducted since the early 2000s, most recently in...

19 Nov 2019

  • Negative interest rates have been in place in some jurisdictions overseas for several years, and after cutting the official cash rate to a historic low of 0.75, the Reserve Bank of Australia Governor has recently reflected on the outside possibility of rates below zero in Australia;

  • An inversion of the positive interest rate environme...

8 Oct 2019

  • In the payments landscape, there is a drive to improve the customer payments experience combined with the need for more efficient and scalable payment processing;

  • As FIs investigate the option of transitioning their back-end payments processing systems to the cloud, the security of payment data needs to be ensured;

  • In March 2019,...

7 Oct 2019

  • The Buy Now Pay Later (BNPL) sector continues to grow rapidly in Australia and new entrants continue to emerge;

  • There are some concerns that the BNPL business model, which is not currently covered by the National Credit Act, means that some consumer protections are not  applicable and consumers are overextending themselves;

  • A num...

2 Oct 2019

  • The global eCommerce market is worth A$2.8 trillion in 2019 and is expected to grow by 25% by 2021. Australian online business will see a 15.1% growth in revenue by end of 2019, with the number of online shoppers reaching 20.3 million;

  • A virtual credit card is a temporary and randomly generated 16-digit card number that is linked to a...

18 Sep 2019

  • Authorised Push Payment (APP) fraud is increasing in Australia;

  • The introduction of Open Banking and the development of APIs in Australia provides an opportunity to consider introducing an ‘account name checking service’;

  • While providing a potential solution that could reduce APP fraud, there are several challenges that industry...

18 Sep 2019

  • As the primary regulator of the financial sector, the Commonwealth Government plays a key role in influencing the sector;

  • It has now been four months since the Government was returned, and the agenda for the next three years is taking shape in areas such as ongoing reform of the regulators, implementing the consumer data right, review...

30 Aug 2019

  • The outcome of the 2008 financial crisis and Banking Royal Commission has seen historical lows of consumer trust in traditional financial institutions;

  • Neobanks are usually independently owned digital banks, not associated with the traditional banks. They have no physical branches and exist solely online;

  • Open Banking policy is s...

26 Aug 2019

  • Australia has embraced the convenience of contactless transactions, with one of the highest rates of adoption in the world;

  • In an open-loop contactless payment system, commuters pay their transport fares using their contactless scheme Visa, Mastercard or AMEX credit or debit card, smartphone (digital wallet) or wearables;

  • Transpo...

26 Aug 2019

  • The UK’s Financial Conduct Authority and Payments System Regulator have published their business plans for 2019/2020;

  • Retail Banking and Payment sector issues including scams, access to cash and operational resilience are areas of key focus;

  • In the context of the UK’s withdrawal from the European Union, the UK Government has sign...

21 Aug 2019

  • Artificial Intelligence (AI) presents unique opportunities for the payments industry to streamline customer experiences, tailor service offerings and develop new service models;

  • In May 2019, AusPayNet made a submission to the Data61 consultation, Artificial Intelligence (AI), Australia’s Ethics Framework;

  • In August 2019, AusPayNe...

19 Aug 2019

  • A QR code payment is a type of contactless payment method where consumers and merchants can initiate payments by scanning the QR code at point of sale;

  • The strongest adoption of QR codes for payments has been in Asia, with China witnessing impressive growth. The use of this payment method has not seen massive adoption outside Asia;

  • ...

12 Aug 2019

  • Digital transformation is the integration of digital technology into all areas of a business, resulting in fundamental changes to how businesses operate and how they deliver value to customers;

  • Companies are looking to cloud technology as a way of delivering flexible and on-demand access to the resources underpinning these new digital...

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affecting the payments landscape in Australia today.

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