Australia: Future Electronics Payments Markets
The Department of Communications, Information Technology and the Arts of the Australian Government earlier this year engaged the Centre for International Economics and Edgar, Dunn & Company to study the future of the electronic payments markets in Australia. The full report of their findings is now available online: Exploration of Future Electronic Payments Markets (PDF).
Among the findings from the report:
A potential annual resource saving of $2 billion could be achieved by shifting payments above $20 from cash to lower-cost electronic payments options (such as the use of debit cards), lowering the threshold where electronic payments methods are more efficient than cash, increasing electronic presentment and payment of bills, and migrating cheques to direct entry. This benefit is equivalent to an increase of 25 basis points in gross domestic product (GDP).
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