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Trends in Payments, Clearing and Settlement Systems

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Trends in Payments, Clearing and Settlement Systems Trends in Payments, Clearing and Settlement Systems The Payments System Board monitors trends in retail payments, and activity and risk exposures across financial market infrastructures (high-value payment systems, securities settlement systems and central counterparties). This helps the Board fulfil its responsibilities to promote efficiency and competition, and control risk, in the Australian payments system. Retail Payments made about 170 cash transactions per person on average in 2019, compared with 320 per person Australians are preferring to make payments electronically in 2007, and cheques are now seldom used for consumer payments. The shift to electronic Over recent decades, there has been a payments reflects both consumer preferences trend rise in the use of electronic payment for, as well as greater acceptance of, electronic methods for retail transactions and a decline payments for a range of transactions. Innovation in ‘paper based’ methods such as cash and and the introduction of new digital payment cheques (Graph 1). In 2019/20, Australians services, including by some technology-focused made around 560 electronic transactions on firms, has widened the range of electronic average, compared with 250 a decade earlier. payment options available for Australian By contrast, the use of cash and cheques has consumers and businesses. fallen significantly. It is estimated that Australians Payment cards are the most frequently used Graph 1 payment method in Australia. In 2019/20, Transactions per Capita Australian cardholders made around Rolling annual sum no no 10.7 billion debit and credit card purchases worth $677 billion, with cards accounting for 400 400 three-quarters of the total number of non-cash retail payments (Table 2). According to the Cash 300 300 Bank’s 2019 Consumer Payments Survey (CPS), debit cards have now overtaken cash as the 200 200 most commonly used payment method by Debit and Direct debits and credit cards credit transfers* Australian consumers (see ‘Box A: 2019 Consumer 100 100 Payment Survey’). Cheques When measured in terms of the value rather 0 0 2000 2005 2010 2015 2020 than the number of payments, Direct Entry Includes BPAY * Sources: ABS; AusPayNet; BPAY; Colmar Brunton; Ipsos; RBA; Roy payments, which include direct credits and Morgan Research PAYMENTS SYSTEM BOARD ANNUAL REPORT | 2020 21 Table 2: Non-cash Payments Average annual growth 2019/20 2009/10 to 2019/20 Per cent of total Average value Growth, per cent Per cent Number Value $ Number Value Number Value Card purchases(a) 74.8 5.0 63 7.6 3.3 11.4 6.8 Debit cards 54.3 2.6 46 10.4 9.8 13.9 10.8 Credit cards 20.5 2.3 109 0.7 –3.1 6.7 3.7 Direct Entry(b) 19.2 80.3 3,984 –2.2 5.9 5.8 3.8 Direct credits 12.8 55.3 4,101 –3.5 5.5 4.6 4.4 Direct debits 6.3 25.0 3,748 0.4 6.9 9.0 2.6 BPAY 2.9 3.4 1,139 0.4 2.8 3.9 9.2 Cheques 0.3 3.4 9,816 –21.0 –28.6 –17.1 –11.0 PEXA 0.0 4.8 358,178 29.7 54.0 – – New Payments Platform(c) 2.9 3.0 1,005 167.3 214.9 – – Total 100.0 100.0 951 7.0 7.7 9.5 3.6 (a) Card purchases using Australian-issued cards; debit card series includes prepaid cards (b) Data prior to a reporting change in May 2018 have been adjusted downwards to be more consistent with the current definitions of the direct debit and credit series (c) The NPP was launched to the public in February 2018 Sources: BPAY; RBA direct debits, account for the bulk of non-cash The high average value of BPAY payments means retail payments. However, since the introduction that they make up a larger share of the value of the New Payments Platform (NPP) in 2018, of non-cash payments than either credit or banks have started to migrate some direct debit cards, despite being less frequently used credits (such as ‘pay anyone’ transactions) to by consumers. the NPP (which currently can only be used for credit or ‘push’ payments). This likely contributed COVID-19 has reinforced these trends to the 2.2 per cent fall in the number of Direct The COVID-19 pandemic has accelerated the Entry payments in 2019/20, compared with shift to electronic payments as consumers average annual growth of 5.8 per cent over the and merchants have sought to reduce their past decade. By contrast, the number of NPP use of cash, in some cases due to health transactions more than doubled in 2019/20, concerns about handling banknotes and although it still accounted for only 2.9 per cent of coins. Many merchants encouraged the use the number of non-cash payments. The number of contactless card and mobile payments for of BPAY transactions, which are used for bill in-store purchases, and consumers also changed payments, increased by 0.4 per cent in 2019/20, their payment behaviour to avoid cash and which was notably lower than the average contact with payment terminals. The payments annual growth rate over the past decade. industry supported the shift to contactless 22 RESERVE BANK OF AUSTRALIA payments by temporarily increasing the no-PIN Although the use of cash for transactions limit on contactless card transactions from has continued to fall, a significant minority of $100 to $200 to further reduce the need to touch people still heavily rely on cash for many of payment terminals. Banks have also promoted their payments. For example, older Australians the use of mobile payments, which use and those on lower incomes tended to use biometrics on the device for authentication, and cash relatively frequently, although for a smaller thus do not typically require the user to enter a share of transactions than they did in the past. PIN on payment terminals. Furthermore, banks As the transition away from cash to electronic have encouraged customers to set up debit payment methods continues, it will be important card and online banking services if they did not to consider the needs of those members of already have them, and obtained dispensation society who continue to rely on cash for their from the Australian Securities and Investments day-to-day payments. Commission (ASIC) to proactively send debit cards to customers with a passbook account or Graph 2 Cash Payments transaction account without a linked debit card. Per cent of consumer payments % % The pandemic has also induced a significant shift By number By value to online shopping. Australian Bureau of Statistics 80 80 (ABS) data show that the online share of retail spending picked up significantly from April and 60 60 remains high by historical standards. Cash use is declining but it is still important 40 40 The Bank’s 2019 CPS showed a continuation 20 20 of the long-term trend away from cash for many consumer transactions (see ‘Box A: 2019 0 0 2007 2010 2013 2016 2019 2007 2010 2013 2016 2019 Consumer Payment Survey’). Cash accounted Source: RBA calculations, based on data from Colmar Brunton, Ipsos for 27 per cent of the number of consumer and Roy Morgan Research payments in 2019, compared with 69 per cent Consistent with the long-term decline in in 2007 (Graph 2, left panel). When measured by transactional use of cash, Australians are making the value of payments (rather than the number), fewer ATM cash withdrawals than they did a 11 per cent of consumer payments were made in decade ago (Graph 3, left panel). The reduction cash in 2019, compared with 18 per cent in 2016 in cash withdrawals was particularly pronounced and 38 per cent in 2007 (Graph 2, right panel). in 2019/20, reflecting the impact of the COVID-19 The recent decline in the share of cash payments pandemic. The number and value of ATM was particularly pronounced for lower-value withdrawals fell by 19 per cent and 12 per cent purchases made in person, where consumers in 2019/20 respectively, with most of the decline are increasingly using cards (or sometimes concentrated in the months of March and April. mobile devices) to make contactless (‘tap and go’) payments. PAYMENTS SYSTEM BOARD ANNUAL REPORT | 2020 23 Box A 2019 Consumer Payment Survey The Bank undertook its fifth triennial Consumer Graph A1 Payments Survey (CPS) in October and Consumer Payment Methods 1 Per cent of number of payments* November 2019. A little over 1,100 respondents % % completed the survey, which consisted of three 2019 parts: a pre-diary questionnaire about the 40 40 2016 demographic characteristics of respondents; a seven-day payments diary; and a post-survey 30 30 questionnaire about respondents’ automatic payment arrangements and their preferences 20 20 and attitudes about different payment methods. The CPS was conducted prior to the emergence 10 10 of COVID-19 in Australia and provides a detailed 0 0 snapshot of consumer payment patterns prior to Debit Cash Credit BPAY PayPal Cheque Other card card & bank the pandemic. transfer The CPS confirmed that Australian consumers Excludes payments over $9,999, transfers and automatic payments * Source: RBA calculations, based on data from Ipsos and Roy Morgan had continued to switch to electronic payment Research methods from cash for many payments. of the number of payments were made with Debit cards were the most frequently used cash in 2019, compared with 37 per cent in 2016. payment method overall, accounting for In recent years, the decline in the use of cash has 44 per cent of the number of payments over the been particulary pronounced for lower-value diary week, compared with 30 per cent in the transactions at the point of sale, consistent with 2016 survey (Graph A1).
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