Central Banking

RBA oultines changes for payment system

The Reserve Bank of Australia has announced a raft of recommendations for the country's payments systems industry aimed at enhancing competition.

The Reserve Bank said on Monday that despite recent improvements to the competitive environment, further changes were needed.

The central bank called on the industry to implement its three recommendations, which were:

· to change the EFTPOS (electronic funds transfer point of sale) system to allow it to compete more effectively with other card sche