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Innovation and the Payments System

Innovation and the Payments System. Dr Brad Pragnell Head of Industry Policy, APCA. Payment Trends in Australia. Non-cash payments per capita. Source: RBA. Australia’s ranking in adopting electronic and card-based payments. Source: McKinsey Global Payments Map. Innovation in Payments.

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Innovation and the Payments System

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  1. Innovation and the Payments System Dr Brad Pragnell Head of Industry Policy, APCA

  2. Payment Trends in Australia Non-cash payments per capita Source: RBA

  3. Australia’s ranking in adopting electronic and card-based payments Source: McKinsey Global Payments Map

  4. Innovation in Payments • Australia has historically been a world leader with EFTPOS, BPAY, significant adoption of internet banking • RBA currently undertaking a Strategic Review of Payments Innovation – consultation paper mid 2011 and recommendations end of 2011

  5. Issues confronting industry • Network industries have particular issues • Often a need for industry coordination – for instance on standards to promote interoperability and security • If innovation is about “meeting unmet consumer needs”, how do we foster innovation in this environment?

  6. What can policymakers do? • Innovation is about providing a balance between capacity and incentive • Avoid “picking winners” and recognise that innovation will come from the marketplace • Provide the platform that promotes innovation • Stable regulatory framework • Provision of key infrastructure components (for instance the RBA provides final settlement) • Support for industry governance frameworks that offer open and universal platforms to promote competition

  7. Innovation and the Payments System Dr Brad Pragnell Head of Industry Policy, APCA

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