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 | 

  • Payments Fraud

    Tackling CNP fraud remains a top priority for industry. Participants and stakeholders are working collaboratively to expedite industry-wide initiatives.

     
     
     
     
     
     
     
     

    MEDIA RELEASE

    19 December 2017

    Consumers reminded to take care when shopping online

    The interim payments fraud data released today by the Australian Payments Network, the payments industry’s self-regulatory body, serve as a timely reminder to consumers to take care when shopping online over the busy retail season.

    Today’s figures for the 12 months to 30 June 2017 reflect the key trends highlighted in Australian Payments Fraud – Jan-Dec 2016 Data released by AusPayNet in August 2017. With chip technology providing strong protection against counterfeit cards, fraud is continuing to migrate to online channels (card-not-present).

    Transactions on Australian cards totalled more than $730.1 billion over the 12-month period – up 3.8%.  Card fraud increased by 3.1% to $538.2 million:

    • Counterfeit/skimming fraud dropped 34%   
    • Card-not-present fraud increased 10%, now accounting for 82% of all fraud on Australian cards 

    AusPayNet CEO Leila Fourie said, “More and more of us are shopping online and this presents more opportunities for cyber criminals. With the peak Christmas period just around the corner, we need to be security aware and take simple steps to help reduce risk when shopping online.”

    Tackling card-not-present fraud is a high priority for industry, and participants and stakeholders are working collaboratively to expedite industry-wide initiatives.

    Consumers can take simple steps to help protect against online card fraud including:

    • registering for, and using their financial institution’s online fraud prevention solutions, whenever prompted
    • being wary of offers that seem too good to be true – doing checks to make sure the business is legitimate 
    • only providing their card details on secure and trusted websites – including looking for the locked padlock.  
    • always keeping PC security software up-to-date and doing a full scan often
    • regularly checking statements and reporting any unusual transactions to their financial institution immediately

    “With malware and phishing attacks becoming increasingly sophisticated, we also need to be extremely wary of unsolicited emails and text messages from people we don’t know. Don’t click on the link provided and don’t be tricked into divulging confidential data such as your password,” said Dr Fourie.  

    Australians are not liable for any fraudulent transactions on their payment cards and will be reimbursed as long as they have taken due care.

    The interim fraud data release is available at www.auspaynet.com.au. Comprehensive payments fraud data for calendar year 2017 will be released in mid-2018.

    ENDS

    For more information: Ida Turner – AusPayNet Communications | +61 409 716 556 | iturner@auspaynet.com.au

    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 | 

     

     
     
     
     
     
     
     
  • The Digital Economy

    Cash has lost its position as the dominant retail payment method, with cards now accounting for 52% of payments.

     

    MEDIA RELEASE

    30 November 2017

    Cards dominate as Australians abandon cheques and cash

    The milestones report entitled Digital Economy1 released today by Australian Payments Network (AusPayNet), the payments industry self-regulatory body, reinforces that individuals and businesses are abandoning cheques and cash at a record rate as they embrace digital payments.

    Today’s report highlights that in the 12 months to 30 June 2017, cheque use plunged 21% to dip under 100 million for the first time - the largest drop ever-recorded. This follows a 17.2% drop for the same period in 2016, and a 15.7% drop in 2015. The value of cheques dropped by 4.22% for the 12-month reporting period. This compares to 1.76% the previous year.

    Cash has lost its position as the dominant retail payment method, with cards now accounting for 52% of payments. This strong preference for cards is reflected in an accelerated decline in ATM withdrawals. The number of ATM withdrawals dropped by 7.5% to 625.4 million following a 6.6% drop the previous 12 months.

    CEO of AusPayNet, Dr Leila Fourie said “The move away from cheques and cash is not surprising. What is surprising, however, is the accelerated rate at which this is happening. In our fast-paced, 24/7 society, consumers and businesses are consistently choosing faster, convenient payment options as new technologies shape a digital first mind-set.”

    Digital payments continued their double-digit growth - up by 11.5% on the previous year overall. In the 12 months to 30 June 2017, Australians made:

    • 5.2 billion debit card payments – up 14.2%
    • 2.6 billion credit card payments – up 9%
    • 1.2 billion direct debit payments – up 13%
    • 2.6 billion direct credit payments – up 6.1%

    Australia’s card use is enabled by one of the highest penetrations of POS devices (39,337) per million inhabitants, ahead of Canada (38,870), Italy (36,902), Singapore (33,219) and the United Kingdom (32,858). Australia also has a comparatively high smartphone penetration, estimated at 84% in 2016.

    “With our high use of smartphones, Australia is well-positioned for the next wave of payments innovation, and the industry’s New Payments Platform for faster payments will provide a stimulus,” said Dr Fourie.

    The regulatory environment is continuing to evolve to support the transition to the digital economy. The Report provides an update on the Black Economy Taskforce, open banking, and card surcharging reforms.

    The Digital Economy report and accompanying infographic are available here.

    ENDS 

    For more information:
    Ida Turner
    – AusPayNet Communications +61 409 716 556 iturner@auspaynet.com.au 

    1 Australian Payments Network releases regular Milestones Reports to review progress against the action plan it published in May 2012. See “The Decline of Cheques: Building a Bridge to the Digital Economy”. 

    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 |