Payment systems are becoming increasingly complex. Keeping up with the increase in different forms of electronic payment systems is a challenge for the Reserve Bank of Australia says RBA Governor Glenn Stevens (RBA addressing payments system complexity, The Australian, May 2012).
Keeping credit and debit cards running in a safe, efficient and competitive manner is a core part of the RBA's role.
For example, funds transferred are usually not done outside of financial institutions working hours but the next business day. This delay in payments has been acceptable to date.
However, with the growth of innovative payment systems, real-time transfers are becoming a reality. These payment systems are increasingly complex and the RBA sees the need to address how to deal with them and also make use of their potential in improving the payment systems as a whole.
Nowadays there are payments systems such as card chips, contactless card payments, mobile payments, etcâ€¦ "there is clearly no shortage of innovation in payments" says Glenn.
To learn more about the latest innovations in payment systems and what type would be most beneficial for your business, check out the upcoming cards and payments expo.