Media Releases

  • 2018 Australian Payment Summit to tackle key issues

    MEDIA RELEASE

    8 November 2018

    2018 Australian Payment Summit to tackle key issues

    Open banking, the power of social media platforms, data security and privacy, and new regulatory reforms feature prominently in the agenda for the 2018 Australian Payments Summit - the industry’s flagship annual event – to be held in Sydney on 26-27 November.

    Convened by the Australian Payments Network, the self-regulatory body for the Australian payments industry, in collaboration with Europe-based Currency Research, this year’s Summit will kick-off with a keynote address from the Governor of the Reserve Bank of Australia (RBA), Dr Philip Lowe.

    Following the success of the inaugural one-day Summit in 2017, this year’s event has been expanded. Proceedings over two full days will feature an exceptional line-up of speakers and panelists from countries as diverse as Australia, Canada, Belgium, Hong Kong, the Netherlands, New Zealand, Singapore, the UK and the US.

    A key highlight of this year’s summit is a regulatory panel session on Day 2 where senior representatives from the Productivity Commission, APRA and the RBA will examine the recent changes and recommendations to the regulatory frameworks designed to encourage further innovation and competition in the financial system.

    The Regulatory panel is timely, coming less than three months after the publication of the Productivity Commission’s Report into Competition in the Financial System that included a number of policy recommendations for the payments sector.

    AusPayNet CEO, Dr Leila Fourie, said the Summit was a rare opportunity for a diverse range of participants to discuss the latest industry developments and trends with local and international experts, regulators, and innovators.

    “This year’s theme “Payments in the Platform Economy” highlights that data and digitisation are shaping a new era of super platforms. Our Summit will explore key global trends from three perspectives - consumer preferences, advances in technology and regulatory changes - and consider the implications for Australia,” Dr Fourie said.

    Separate sessions on the opening day of the Summit will explore the emerging role of social media players in payments ecosystems, and the Open Banking experience in Europe with experts from Deutsche Bank and the European Banking Federation.

    Panels on fintech innovation and a comparison of proprietary card systems in Australia and Canada also feature on Day 1, while the second day’s sessions include panels on emerging business models in payments and case studies in the application of blockchain in payments.

    “Given the complex and diverse payments landscape, openness and collaboration are more important than ever. Our Summit brings together participants from across the payments community and offers a wealth of networking opportunities.  We invite everyone with an interest in payments to join us,” said Dr Fourie.

    Other speakers and panelists over the two days include representatives from:

    • WeChat Pay International
    • Digital Transformation Agency (DTA)
    • Interac Corp
    • Payments NZ
    • PayNinja
    • Stone and Chalk
    • Visa Inc
    • Standards Australia
    • eftpos Australia
    • everiToken
    • JP Morgan
    • TransferWise
    • Australian Digital Commerce Association
    • Cochlear
    • Volt Bank

    Full program and registration details are available on the Australian Payment Summit website.

    ENDS

    Contact:  Nicholas Owens, Sefiani Communications Group, on behalf of Australian Payments Network: +61 421 977 062, nowens@sefiani.com.au

    Or

    Kurt Graham, Sefiani Communications Group, on behalf of Australian Payments Network: +61 43147 8558, kgraham@sefiani.com.au
     

    AUSTRALIAN PAYMENTS NETWORK LTD. ABN 12 055 136 519
    Level 23, Tower 3, International Towers Sydney, 300 Barangaroo Avenue, Sydney, NSW 2000 | www.auspaynet.com.au | 

  • The Digital Economy

    Cards payments are more popular than ever, with nearly 23 million transactions made each day. 

    MEDIA RELEASE

    18 June 2017 

    Shift to digital economy in Australia accelerating

    The latest Digital Economy report released today by Australian Payments Network (AusPayNet), the payments industry self-regulatory body, shows Australia’s shift to a digital economy is accelerating, with digital payments increasing rapidly while cash and cheques decline. 

    The AusPayNet report reveals that card payments are more popular than ever, with consumers making over 8.3 billion card payments in 2017, equating to almost 23 million transactions each day. Almost 7 in 10 of these card payments were made with a debit card, and debit card payments grew 15.3% to 5.6 billion in 2017, up 87% since 2012.

    The growing consumer preference for digital payments is reflected in the rapid decline in cheque use and ATM withdrawals, which together accounted for fewer than two million transactions a day in 2017. The AusPayNet report shows that in 2017 there was a: 

    • 19.7% decline in cheques written, down to 89.7 million 
    • 5.9% decline in ATM withdrawals, down to 610.1 million. 

    Commenting on the report, AusPayNet CEO Dr Leila Fourie said: “The continued shift to digital payments is not surprising given how connected and mobile our society is. Almost 9 in every 10 Australians own a smartphone, and more than 3 in every 5 use them to make payments. This is driving uptake in digital payments and laying down a powerful base for the next wave of payments innovation.”

    Examples of payments innovation include mobile apps providing a more seamless payment experience and the recent introduction of the New Payments Platform (NPP), which allows customers to make easier and faster payments using a mobile phone number or an email address rather than BSB and account number.

    The Digital Economy report shows consumers are embracing e-commerce, with 72% purchasing online in 2016-17, up from 61% two years earlier. The value of online spending continues to grow and in 2016-17 was up 15.1% on the previous year. The uptake of wearables is growing steadily, with smartwatch penetration reaching 9% in 2017, up from 5% in 2016.

    AusPayNet’s report revealed that Australia’s migration to digital payments is enabled by a high penetration of point-of-sale terminals and a low number of ATMs relative to many overseas countries.

    The report provides updates on industry and government initiatives to support the transition to the digital economy including open-loop transit (metro transport cards that are account-based and compatible across networks in different cities), open banking and the consumer data rights.

    The Digital Economy report and accompanying infographic are available here.

    ENDS

    Contact:  Nicholas Owens, Sefiani Communications Group, on behalf of Australian Payments Network: +61 421 977 062, nowens@sefiani.com.au  

    AUSTRALIAN PAYMENTS NETWORK LTD. ABN 12 055 136 519
    Level 23, Tower 3, International Towers Sydney, 300 Barangaroo Avenue, Sydney, NSW 2000 | www.auspaynet.com.au | 

  • Industry Joins Forces to Combat Online Card Fraud

    The entire range of stakeholders has committed to developing within the next six months an industry framework for reducing online card fraud.

    6 March 2018

    MEDIA RELEASE

    Industry joins forces to combat online card fraud

    Australian Payments Network (AusPayNet), the self-regulatory body for the payments industry, has ramped up the fight against online card fraud enlisting commitment from the entire range of stakeholders to a new, whole of industry approach at a recent Accelerator event.

    The Accelerator event, held in co-operation with the Reserve Bank of Australia, brought together financial institutions, retailers, card schemes, payment gateways, payment service providers, regulators and industry bodies. 

    The 70 participants reached clear consensus to develop within the next six months a high-impact industry framework for reducing CNP fraud in Australia. CNP fraud1 accounts for over 80% of all fraud on Australian cards.

    Dr Leila Fourie, CEO of AusPayNet said "By joining forces through a whole of industry approach we can up the ante on combatting online card fraud to achieve the same impact our roll-out of chip technology had on reducing fraud in the face-to-face environment." 

    Participants at the Accelerator event collaboratively developed principles to underpin the framework including:

    • Using a risk-based authentication approach
    • Being technology and business model neutral 
    • Applying global standards, where relevant to the Australian market 
    • Taking advantage of modern technology including biometrics

    One conclusion reached was that multi-factor authentication has a clear role to play in combatting CNP fraud. This adds layers of security by using more than one attribute to verify consumers online, for example:

    • How the consumer makes online payments (smartphone, ipad or other electronic device), or geo-location
    • Biometrics, like a fingerprint, face or voice recognition
    • Confidential information shared between the customer and their financial institution like a PIN or password

    The industry is mindful that multi-factor authentication can frustrate online shoppers and lead them to abandon their online carts. Industry is addressing this by limiting the use to unusual or high-risk transactions. 

    "We can reduce fraud without negatively impacting the online customer experience through intelligent friction that balances security and convenience," said Dr Fourie.

    AusPayNet, in close consultation with the Accelerator event participants, is leading work to develop the new framework within the next six months.

    ENDS

    Media Contact:  Ida Turner - Australian Payments Network: +61 409 716 556 iturner@auspaynet.com.au 

    1.Card-not-present (CNP) fraud occurs when valid card details are stolen and then used to make purchases or other payments without the card, mainly online or by phone.

     

    AUSTRALIAN PAYMENTS NETWORK LTD. ABN 12 055 136 519 Level 23, Tower 3, International Towers Sydney, 300 Barangaroo Avenue, Sydney, NSW 2000 | auspaynet.com.au |