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Connections & Collaboration APCA Annual Review 2016 The Australia Payments Environment Connections & Collaboration APCA Annual Review 2016 Australian Payments Clearing Association 1 APCA Annual Review 2016 Connections & Collaboration Click here to return to Contents Contents Chair and CEO Message 3 The Australian Payments Clearing Snapshot 4 Association has Highlights 6 been at the heart of the Australian The Australia Payments Environment 7 payments system for Driving Payments 10 close to 25 years. Evolution As a member organisation and industry association, we have grown to represent the needs of a diverse set of stakeholders, as the payments system itself has evolved. With a clear understanding of the requirements Positioned for 14 of a digital economy, we are the home for the Future collaboration and cross industry innovation. In our role as self-regulatory body for payments, we bring rigour to the application of existing regulation and an inquisitive, front-footed Engaging with approach to supporting the requirements the Community 18 of the emerging payments landscape. Decision Making 22 Glossary & Contact 29 APCA has 103 members including Australia’s leading financial institutions major retailers, payments system This Annual Review is designed to provide our members and stakeholders with a summary of what was achieved operators and other in financial year 2015-2016. References in this report to payments service providers. a year are to financial year ended 30 June 2016 unless otherwise stated. A full list of our members is available on page 28. Australian Payments Clearing Association 2 APCA Annual Review 2016 Connections & Collaboration Chair and CEO message The Australian payments landscape has never been more vibrant and it’s for this reason that we have chosen the theme of ‘connections and collaboration’ for our annual report this year. As the number and nature of participants grows and diversifies, so does our role, requiring us to be nimble in outlook and collaborative in focus. In the last 12 months we have laid the foundation for our more connected future through a number of important initiatives. Whether giving rise to Robert Craig, Chair Leila Fourie, CEO the next generation of commerce, shaping the New Payments Platform, ensuring the next wave of innovation, Moreover, with a focus on integration, use. We developed our submission or supporting the Australian Payments we are looking at new application in consultation with a wide range of Council, APCA has been at the areas such as public transport, payment data stakeholders and our forefront of change. to support the growing desire for response was positive and forward seamless and secure payments. looking in approach. In addition to these high profile We are keenly aware that the projects, we are actively working on the customer experience is a strong We also sense a growing international evolution and smooth operation of our driver of change and that this relevance, as the payment habits of stalwart payment systems. Our working preference for integrated payments Australian businesses and consumers groups and forums are helping industry draws us away from hardware and become more digital, and we’re excited to manage the risks and opportunities devices to software and the cloud. about the opportunities that this associated with new technology, Accordingly, our policy and strategy presents. This year we’ve invested time new channels and new distribution teams are working to help shape understanding the potential that models. The recently formed Issuers the frameworks required to underpin technology such as blockchain and and Acquirers Forum is proving to be a our more connected future. This APIs present for integration, both locally productive venue for industry to tackle is well evidenced by our response and with global partners and we look a range of issues, from supporting the to the Productivity Commission’s forward to building on this groundwork. safe introduction of new point of sale inquiry into data availability and technology, to preventing card fraud. We would like to extend a heartfelt thanks to the APCA staff and the board of directors for their support and contribution to the milestones " On behalf of the Board of Directors, achieved over the past year. For those of you with whom we already I extend a warm welcome to Leila Fourie, work closely, thank you for another who joined us as APCA's new CEO on year of collaboration. If you’re one 12 September 2016. I would also like to of the organisations that we’ve yet to connect with, we look forward to thank Chris Hamilton for his contribution learning from you and to welcoming during his time as CEO." Robert Craig you to one of our programmes. Australian Payments Clearing Association 3 Card use 2016 Card use 2015 2014 2015 APCA Annual Review 2016 Connections & Collaboration 2016 Millions 0 200 400 600 800 Snapshot This has been a landmark year for Australia’s digital economy. With 2014 accelerated adoption of electronic payment methods, fewer cash and cheque transactions and increased support for Fintech organisations, we’re at the forefront of a global trend. 2015 Card use 2016 Australia is oneCard use of 2015 the most digitally active nations in the world. 2016 2016 2015 Millions 2014 0 50 100 150 200 Card use 2016 Card use 2015 Direct entry Direct entry 2015 transactions 2016 transactions 2015 2014 2016 2015 Millions Australians used their With 75% of face- 0 200 400 600 800 cards 12.1% more to-face transactions 2016 often, and spent estimated to be “tap Millions 6.7% more and go”, Australia 0 2002014400 600 800 on them than in 2015.1 leads the world in contactless uptake.2 2014 2015 2016 2015 2016 2015 Millions 0 50 100 150 200 2016 2016 2015 Direct entry Direct entry Millions 0 50 100 150 200 transactions 2016 transactions 2015 Direct entry Direct entry transactions 2016 transactions 2015 Direct entry transactions grew by Online spending by 3 7.2% in number and 2.6% in value.1 Australians grew by 13.5% BUY NOW On average, every Australian over There is 1 point-of-sale terminal for the age of 15 has 3 payment cards.1, 4 every 20 Australians over the age of 15.4, 5 BUY NOW BUY NOW Source 1 Reserve Bank of Australia; 2 Visa; 3 NAB Online Retail sales Index; 4 Australian Bureau of Statistics; and 5 APCA Australian Payments Clearing Association 4 Card use 2016 Card use 2015 2014 2015 2016 Card use 2016 Millions APCA Annual Review 2016 0 200 400 600 800 Card use 2015 Connections & Collaboration 2014 2014 2015 2015 2016 Millions Card use 2016 The decline in cheques2016 and cash is accelerating. 0 2016200 400 600 800 Card use 2015 2015 Millions 0 50 100 150 200 Card use 2016 Millions 2014 2014 Card use 2015 Direct entry Direct entry Card use 2016 transactions 2016 transactions 2015 2015 2014 Card use 2015 2015 2015 2016 2016 2016 2014 2015 Millions2016 Millions 0 200 400 600 800 0 50 1002015 150 200 Millions Direct entry ATMDirect entrywithdrawals dropped by 0 200 400 600 800 Cheques use dropped by 17.2%, transactions 2016 transactions 2015 2016 6.6%, compared2014 to 4.9% in 2015. compared to 15.7% in 2015. Millions 2014 0 200 400 600 800 Source Reserve Bank of Australia2015­­­­­ 2015 2014 2016 2016 2016 2016 2015 2015 Millions Millions 0 50 100 150 200 2015 0 50 100 150 200 Direct entry Direct entry Direct entry Direct entry transactions 2016 transactions 2015 2016 2016 transactions 2016 transactions 2015 Mobile payments are on the rise. 2015 Millions 0 50 100 150 200 Direct entry Direct entry 100% transactions 2016 transactionsAustralia 2015 has one 100% Tablets are an of the highest BUY NOW important part 80% 80% smartphone of the puzzle. Card use 2016 BUY NOW Card use 2015 60% penetration levels 60% 71% of Australians 2014 globally, and 59% over the age of 40% 40% 2015 of Australians with 18 have made a 2016 smartphones have payment using BUY NOW 20% 20% Millions 0 200 400 600used800 them to pay for a mobile phone goods or services. or tablet. 2014 BUY NOW 2015 Source PayPal Australia BUY NOW 2016 2016 2015 Millions 0 50 100 150 200 Direct entry Direct entry transactions 2016 transactions 2015 Investment in Fintech Australia is leading the world continues to grow. in blockchain technology Fintech formed its industry peak body Fintech Australia and has over BUY NOW members70 Investments in the Australian Fintech market totalled 438 Standards Australia is leading the global blockchain standardisation initiative. million APCA is participating in an industry-wide shared ledger technology prototype. Source Fintech Australia­­­­­ Australian Payments Clearing Association 5 APCA Annual Review 2016 Connections & Collaboration Highlights We’re proud to have played a leading role in key industry initiatives this year. The Australian Payments Council published the Australian Payments Plan to provide strategic direction for the payments industry. The industry is working collaboratively across three key areas: Trust and Security, Managing the Payments Mix, and Enabling the Future. APCA’s Issuers and Acquirers The Reserve Bank of Community is tackling card- Australia is issuing new not-present fraud and is banknotes for the first working towards a consistent time in 25 years, with The New Payments Platform industry response. tighter security features, has moved from the “design and a tactile feature to help elaborate” stage to “build and the vision-impaired and internal test”. NPP Australia selected a world first design. BPAY to provide the first overlay service and appointed its inaugural CEO, effective September 2016. A new set of voluntary industry guidelines helps card issuers manage security risks associated with mobile payments and digital wallets.
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