Australia prepares payments for digital age

The Australian Payments Council (APC) is inviting businesses, NGOs, government and consumers to comment on what’s needed to support payments in the digital economy of the future.

Chairman of the APC Robert Milliner says: “We are renewing our strategic vision for the payments system and are looking for views on how we can collaborate to navigate the rapidly changing landscape.”

With this mind it has today (22 January) launched a consultation paper – “2019 Consultation – Payments in a Global, Digital World” – as it seeks to make this a reality Down Under.

To give you some background, in 2015, the APC consulted across the country to develop the Australian Payments Plan.

According to the APC, this plan has guided industry thinking in areas such as the changing payments mix, open data and digital identity. The current consultation forms part of the plan’s first triennial review.

Since the plan was developed in 2015, the shift to digital payments has “accelerated as Australia’s economy has become more digital and global”.

The APC explains that over the last three years, cheque numbers have fallen a further 47% dropping to 80 million in 2018 after another 20% year-on-year drop. Cash use is also falling, with one in five people over 18 holding no cash at any given time.

By contrast, card use has grown by more than 40% over the last three years to reach 8.8 billion transactions in 2018, and Australia “leads the world in contactless payments”. Almost 90% of individuals own a smartphone, and mobile payments are “taking off”.

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Source: Australia prepares payments for digital age – FinTech Futures