|
Sydney, 18 July, 2003: The Australian Bankers’ Association (ABA) welcomes the article about the trends in the Australian Retail Payments system in the July edition of the Reserve Bank of Australia (RBA) Bulletin.
The RBA Bulletin article: “The Changing Australian Retail Payments Landscape” notes that “paper payment instruments like cheques are being replaced by efficient electronic alternatives and the Internet is having a significant impact on how Australians conduct their banking activities.”
David Bell, Chief Executive of the ABA, said this article shows that technology improvements and customer demand for convenience are continuing to drive the industry to deliver its services in new and innovative ways to its customers.
“Australians are responding to and adopting all forms of electronic banking. ABA estimates that only one in ten transactions are undertaken in bank branches today as the number of people using electronic banking is very high, the use of credit and debits cards is extremely popular and use of electronic bill payment is growing strongly.”
“The variety of banking channels and increased transparency of fees offers customers greater opportunity than before to minimise fees, and in many respects, the capacity to control their cost of banking through choice.”
Key facts from RBA article:
- the sharp increase in the number of ATMs - more than 16 000 ATMs in 2002, up from less than 9 000 six years ago;
- EFTPOS terminal growth of 20% for the last six years giving Australia the highest rate of terminal penetration of all industrialised countries, except New Zealand;
- Credit card transactions (card not present) on Internet, mail order or telephone transactions make up 20% of total purchases on credit cards in 2002, Internet initiated are around 5% of the total;
- there’s increasing use of Internet banking and bill payment services that cost consumers much less than mailing a cheque – Internet banking initiated credit transfers make up 5% of the value and 16% of the number of all credit transfers;
- Direct credit salary payments to employees has increased by around 18% per year to around 160 000 organisations;
- Australia now has the highest rate of direct debit usage of any country, at around 30% of non-cash retail payments.
For further information:
Heather Wellard
ABA Public Relations
Phone: 02 8298 0411
Mobile: 0409 830 439
ENDS |