October 2024 Edition

Preview

October 09, 2024

Welcome to the first edition of PayDay News!

We felt it was the right time to launch a monthly, independent publication that provides in-depth analysis and views on payments issues that impact all Australians and businesses.

Payments is a critically important, complex and rapidly changing area of the national economy that deserves more understanding and scrutiny. There will be at least two regulatory reviews over the coming year that will have far-reaching impacts on the future of payments competition and transparency in this country for future generations.

At PayDay News we have put together a team of experienced payments professionals, analysts and journalists to examine a raft of current issues including cards, mobile wallets, FinTech, merchant fees, competition, real time payment, surcharging, fraud, scams, access to cash, cheques, payment initiation via open banking and many more.

PayDay news is published by the Independent Payments Forum and is free to its financial members.  We hope you sign up to get informed, and participate in the debate.

If you’re also interested in banking, we have partnered with Banking Day to offer attractive joint subscription packages.

In this month's edition:

Is the RBA about to blend the battle for lower merchant fees with its war on inflation?

Commentary by George Lekakis, Senior Banking and Financial Services Correspondent

Given the RBA’s present priority on curbing retail inflation, an emerging question is whether Governor Michele Bullock will be looking to recast the battle over merchant fees as a macroeconomic concern.

The real story on real time

By Peter Drennan, Senior Business Analyst 

With just 5 years to run until the proposed closure of BECS, the New Payments Platform has just 10% of account to account payments.

To fully take over from Direct Entry / BECS by 2030, NPP faces a massive task. It would need to grow from 1.8 trillion to 26 trillion - the projected size of A2A in Australia at $26 trillion in 5 years - at a compound annual growth rate of 70%.

Excessive card fees for small business stoke inflationary fire

By Michael Sainsbury, Senior Business Correspondent 

The status quo means that excessive merchant fees are being passed on to the customer, whether they are absorbed by the business or surcharged. This of course, only adds to inflation. With the RBA under intense criticism for its possible role in contributing to inflation by keeping interest rates high, cutting back merchant fees for the backbone of Australian business would go some way to balancing its ledger.

Mobile soars with concerns over cost & competition

By Warwick Ponder, Managing Editor

The Reserve Bank of Australia has released new data about the growth of mobile wallet card transactions, while also flagging concerns about costs and competition.

August RBA Stats

Presented by Peter Drennan, Senior Business Analyst

PayNews is a publication produced by the Independent Payments Forum. For any enquiries regarding PayDay News, please contact [email protected]