- 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 that the case for CBDC has therefore not yet been made;
- 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 2015. Reflecting the rapidly changing payments landscape, the current review is broa...
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 environment that the payments system was built and developed in could have unusual and unfores...
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 number of regulatory inquiries have been conducted which raise the question whether the...
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 an actual credit card account. The card can only be used for online transactions;
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, reviewing card payments regulation and the policy settings for fintech;