· Michele Bullock Wiki · Reserve Bank of Australia WikiModernising Australia's payments system
Read full speech on bis.org ↗ContextSpeech at the Australian Payments Network annual summit in Sydney; the Reserve Bank of Australia oversees payments and wants to modernise the payments system.
Why it mattersBullock sets out plans to make card costs transparent and keep cash services viable.
Problems raised
- New technologies and business models are rapidly reshaping payments.
- Payment costs are not always transparent for merchants and consumers.
- Falling cash use is undermining the economics of cash distribution.
Solutions proposed
- Make payment costs clear to promote competition.
- Let businesses choose which payment methods they accept and pass on their costs.
- Consider regulatory action to keep cash services viable.