The Reserve Bank of Australia (RBA) is launching the formal consultation phase of its review of innovation in the payments system. Details of the review were announced in July last year. Its objective is to identify areas in which innovation in the Australian payments system may be improved through more effective co-operation between stakeholders and regulators. It is taking a medium-term perspective, looking at trends and developments overseas in payment systems and at possible gaps in the Australian payments system that might need to be filled through innovation over the next five to 10 years.
Since the announcement of the review, RBA has been gathering preliminary input through informal discussions with a wide range of interested parties. It has also conducted a survey of consumer payment patterns and is participating in an international study of retail payments innovation being undertaken by the Bank for International Settlements (BIS). Based on the information gathered from these sources, the bank has prepared a paper, ‘Strategic Review of Innovation in the Payments System: Issues for Consultation’, which will form the basis of more formal consultations over the coming months.
In conjunction with the consultation paper, the bank is also releasing ‘Strategic Review of Innovation in the Payments System: Results of the Reserve Bank of Australia’s 2010 Consumer Payments Use Study’. This paper provides the results of the study of consumer payment patterns and attitudes conducted by Roy Morgan Research on the bank’s behalf at the end of 2010. The study repeats and updates a similar study conducted in 2007.
The bank is now inviting formal written submissions, based on the consultation paper, by no later than 31 August 2011.
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