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Payments System Board Annual Report 2023
There has been a continued shift from cash to card payments, and a rapid uptake of mobile wallets offered by large technology companies. Use of the New Payments Platform (NPP) – Australia’s fast payments system – has also continued to grow since its launch five years ago. The Board has a close interest in the capability of the NPP, especially in the development and introduction of new functionality to meet the evolving needs of end users. The Reserve Bank has been working with the Australian Government on reforms to enhance the regulatory framework for the payments system. This includes modernising the Payment ... (full story)