Central Banking

Stevens exerts pressure on Australian payments industry

Glenn Stevens

The Reserve Bank of Australia (RBA) would be "duty bound" to use its regulatory powers to encourage innovation in the country's payments systems if banks fall short themselves, according to the central bank's governor, Glenn Stevens.

Stevens told an audience at the Australian Payments Clearing Association annual general meeting that the country's New Payments Platform (NPP) – designed to deliver faster payments – will lead to "further growth in electronic payments and a reduction in costs".


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