The Reserve Bank Is Setting Up A Council and User Group To Help Modernise Australia's Payments Industry

Customers paying at a retail point-of-sale / Getty

The Reserve Bank and Australian Payments Clearing Association are seeking public feedback on plans to establish a council and user group to help it modernise the nation’s payments industry.

According to a consultation paper, released today, the RBA wants banks, payments schemes and other service providers to constitute the Australian Payments Council, which will help promote a coordinated industry strategy and promote “buy-in” on key initatives.

A User Consultation Group meanwhile will comprise consumers, merchants, businesses and government agencies who will be expected to meet with RBA staff “on a regular basis to discuss payments system issues and development.

The RBA is seeking feedback by November 18. Its consultation paper is available here.

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