Published on May 29, 2012 Are real time bank transfer payments coming Australia’s way?
The Reserve Bank Governor, Glenn Stevens, has indicated in a speech to the Australian Payments Clearing Association that Australia needs a more modern, instantaneous payment clearing system.
If such a system were implemented it could make a huge difference to online shopping in Australia – as it would not only level the field between credit cards and bank transfers but it would tip the scales the way of bank transfers. Why would customers want to use credit cards to make payments if a real time banking system existed (given the pros of bank transfers as a payment system online).
The specifics at this current time are unclear as the Governor was merely indicating that customer demands for more immediate ways of making payments were outpacing the growth in Australia’s current clearing system technology. However, he did indicate that the Reserve Bank’s upcoming report into its review of payment innovations which is planned to be released in the coming weeks.
It is worth paying attention to what happens next in this area as it could be a major change to the way payments in Australia operate and will affect the types of innovations that credit card payment gateways may need to implement if they wish to retain their share of the online payments industry for online shopping.
If you’re starting a business now, this is not a development that is likely to affect your choice of shopping cart or payment gateway provider for some time.
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