This has been another landmark year for Australia’s digital economy.
The payments industry is experiencing unprecedented transformation and it’s no surprise that this change is reflected in AusPayNet’s operating environment.
The pace and scale of technology evolution is shaping a digital- first mindset and consumers are increasingly expecting a more integrated, intuitive and frictionless payment experience. Payments is caught in the wake of a rising wave of regulatory and policy reform, leveraging data and digital identity in a drive to encourage competition and responsible innovation.
We are proud that AusPayNet is at the forefront of much of this change.
Navigating through Disruption
This theme for this year's Review directly acknowledges a good start to a challenging journey.
The outstanding example is the industry commitment to fund and build the New Payments Platform (NPP) in partnership with SWIFT, which was secured in December 2014.
The Review’s thematic structure captures the key elements of our mission:
Laying the foundations for the Australian payments system of the future.
The theme of our 2014 Review "breaking ground" recognises the new world facing us all as a result of the explosion of cloud, network and mobile technologies.
Our payments system has served us well, but thanks to the “always on, always linked” world being ushered in by our mobile devices, it must adapt, and fast. We are not alone, of course: nearly every industry faces similar challenges in relation to digital disruption.
But “breaking ground” is also a metaphor for the payments industry response to this new world. We have in the last year or so begun laying the collaborative foundations for new industry infrastructure that, we hope, will position us for future adaptation, innovation and competition.