The Reserve Bank of Australia’s Payment system Board has published its Annual Report 2022.
The report outlines its policy and regulatory work in support of its strategic priorities:
- Support the shift towards digital payments
- Research central bank digital currencies and other innovations in payment systems
- Identify and resolve any competition and efficiency issues associated with new technologies and players in the payments system
- Promote the safety and resilience of financial market infrastructures and payment systems
- Work with the government to implement reforms to the regulation of FMIs.
The way Australians make and receive retail payments is evolving, driven by innovation and changing end-user expectations. The Bank is assessing the implications for payments policy and regulation.
The report confirms that over the past there has been a shift to electronic payments, including payments made online and using mobile devices, as well as strong growth in new payment types, such as ‘buy now, pay later’ services.
Use of Australia’s fast payment system, the New Payments Platform, has continued to grow: the NPP now processes more than 25 per cent of the total number of account-to-account payments.
The Report also notes that the use of cash for transactions has been declining for many years, a trend that was accelerated by the pandemic, though cash still remains important for some people.
If you found this article helpful, then subscribe to our news emails to keep up to date and look at our video courses for in-depth training. Use the search box at the top right of this page or the categories list on the right hand side of this page to check for other articles on the same or related matters.
Author: David Jacobson
Principal, Bright Corporate Law
Email:
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
