The Reserve Bank of Australia has warned that it will be "duty bound" to use its regulatory powers should the nation's banks fail to deliver on promises to modernise the country's payments infrastructure.
Australian banks, retailers and payments specialists have signed on to a new co-ordination body that aims to step up the pace of innovation in the country's payments industry.
New research from the Australian Payments Clearing Association, shows that as with cheques, Australian consumers are increasingly giving up cash in favour of cards, mobiles and online transactions.
Australia's banks have brought in KPMG to manage a programme to build an industry-wide real-time payments platform by 2016.
The Australian Payments Clearing Association (Apca) says it sees no need to close the country's cheque clearing system, following a year-long consultation with payment stakeholders.
The introduction of chip technology is changing card fraud patterns in the Australian payments landscape, with skimming attacks diminishing as fraudsters turn to card-not-present scams.
Debit card fraud in Australia has jumped over the last year according to the country's payments clearing association, driven by a spate of skimming attacks on ATMs and POS terminals.
Annual fraud figures from the Australian Payments Clearing Association (APCA) show a continuing increase in levels of card-not-present fraud and counterfeit/card skimming scams.
The Australian Payment Clearing Association (APCA) will next month switch on a clearing system for ATM and Eftpos transactions - almost ten years after the project was first mooted.
© Finextra Research 2016