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An efficient, competitive and safe payments system

· Philip Lowe, Governor of the Reserve Bank of Australia (Australia)

Summary written by Dark Majestic in its own words · topics: payments, digital money and crypto-assets, growth, investment and productivity

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· Philip Lowe Wiki · Reserve Bank of Australia WikiAn efficient, competitive and safe payments system

ContextKeynote at the Australian Payments Network Summit 2022 in Sydney; the Reserve Bank of Australia oversees payments and wants an efficient, competitive and safe system.

Why it mattersLowe proposes a licensing regime for payment providers.

Problems raised
  1. Payments are changing rapidly.
  2. Mobile wallets need regulation.
  3. Payment service providers lack a licensing regime.
Solutions proposed
  1. Establish a licensing regime for PSPs.
  2. Encourage mobile wallet providers to share plans.
  3. Promote efficient, safe payments.
Read full speech on bis.org ↗

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