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Australian Payments Council consults on digital payments

Australian Payments Council consults on digital payments

The Australian Payments Council is calling for input from businesses, NGOs, government and consumers on what’s needed to support payments in the digital economy of the future.

In 2015, the APC consulted across Australia to develop the Australian Payments Plan, which has guided industry thinking in areas such as the changing payments mix, open data and digital identity. The current consultation forms part of the Plan’s first triennial review.

Chairman of the APC Robert Milliner said. “We are renewing our strategic vision for the payments system and are looking for views on how we can collaborate to navigate the rapidly changing landscape.”

Over the last three years, cheque numbers have fallen a further 47% dropping to 80 million in 2018 after another 20% year-on- year drop. Cash use is also falling, with one in five people over 18 holding no cash at any given time.

By contrast, card use has grown by more than 40% over the last three years to reach 8.8 billion transactions in 2018, and Australia leads the world in contactless payments. Almost 90% of individuals own a smartphone, and mobile payments are taking off.

The Consultation Paper outlines challenges that have emerged or intensified over the last three years and suggests new ideas for industry collaboration. As part of the consultation, workshops will be held in Sydney and Melbourne.

The consultation is open until Friday, 22 February 2019.

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