Aite Group research shows that the Australian market continues to be a test bed for new initiatives and provides interesting examples for other markets to learn from.
Boston, June 20, 2017 — Aite Group’s latest report, Payments Down Under: Australia’s Leading Examples, examines the Australian payments market, which is on the verge of its next transformation with the start of the New Payments Platform in October. In conjunction with the start of NPP, which will enable payments to be cleared and settled in (near) real time, the Australian government has also published a ruling that will regulate customer access to public and private data. That initiative will allow financial technology companies to more easily integrate bank data into their customer offerings, enabling more innovation and competition in the market.
The Reserve Bank of Australia was one of the first regulators to introduce interchange fee regulation back in 2003, and many studies have been published to learn from the market impact of that regulation. Since then, regulators from around the world have introduced interchange regulation following Australia’s example.
“The Australian payments market is providing a number of business and regulatory initiatives that can serve as examples for other markets,” says Aite Group senior analyst Ron van Wezel. Analysis of initiatives, such as the new card payment regulation, the evolution of payments in a highly contactless market, and the impact of the NPP and PIN on glass, can be of great value for banks and other players in developed markets around the world.”
This latest report surveys participants in the Australian payments market for key trends and initiatives. As payments is increasingly a global business, Aite Group clients can use this study not only to better assess the Australian market but also to get an idea of what is in store for payment markets in other geographies.
About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.