一個安全高效且富有競爭力的支付系統(tǒng)（英）-9正式版

SpeechAnEfficient,CompetitiveandSafePaymentsSystemPhilipLowe[*]GovernorKeynoteAddressatAustralianPaymentsNetworkSummit2022Sydney–14December2022ThankyoufortheinvitationtospeakatAusPayNet’sannualSummit.Itisaprivilegetobewithyouagain.Theworldofpaymentsischangingrapidly.Itisaworldofinnovation,ofchangingbusinessmodelsandofinvestmentthatisreshapingourfinancialsystem.Soitisanexcitingtimeintheworldofpayments.TheReserveBankhasabroadmandatetohelpshapethischangingworldsothatitworksinthebestinterestsofAustralianhouseholdsandbusinesses.Wedothisthroughacombinationofsuasion,regulationandworkingwithindustryparticipantstohelpovercomethecoordinationissuesthatcanbedevilpaymentsystems.Wealsodirectlysupportinnovationwherewereasonablycanandweareworkingwiththegovernmenttomakesurethattheregulatoryarchitectureisfitforpurpose.Australiansexpectpaymentstobefast,lowcost,reliableandeasytouse.AttheRBA,wesharetheseexpec-tations.WewanttoseeanAustralianpaymentssystemthatiscompetitive,safetouse,anddynamicandinnovative.ThismorningIwouldliketohighlightsomeoftheissuesweareworkingoninsupportoftheseobjectives.Theseincludeoureffortsto:lowerthecoststhatmerchantspayforpaymentservicessupportthedevelopmentofAustralia’sfastpaymentssystemlowerthecostandincreasethespeedofinternationalpaymentssupportinnovationthatwillhelpAustraliabewellplacedforthedigitalfuture.LoweringpaymentcostsformerchantsthroughcompetitionFirst,tomerchantpaymentcosts.Thishasbeenanareaoffocusforusformanyyearsandprogresshasbeenmadeinreducingmerchantcosts.Thisfirstgraphshowstheaveragefeesthatmerchantspayforthevarioustypesofcardpayments(Graph1).Inthemid-2000s,merchantspaidanaverageof1.4percentonMastercardandVisatransactions.Today,theypay0.7percent.Thecostofacceptingmostotherpaymentcardshasalsodeclined.1每日免費獲取報告1、每日微信群內(nèi)分享7+最新重磅報告；2、每日分享當日華爾街日報、金融時報；3、每周分享經(jīng)濟學人4、行研報告均為公開版，權(quán)利歸原作者所有，起點財經(jīng)僅分發(fā)做內(nèi)部學習。掃一掃二維碼關(guān)注公號回復：研究報告加入“起點財經(jīng)”微信群。。Graph1TotalMerchantFees*%Percentoftransactionvaluesacquired%2.5AmericanExpress2.52.02.01.51.5MastercardandVisaMastercardandVisacredit**1.01.00.5MastercardandVisadebit**0.5eftpos0.020062010201420180.02022BreakinSeptember2020duetochangeinreportingforms.PriortochangesinreportingmethodologyinJune2018,theaveragefeereportedforVisaandMastercarddebitcardswasslightlyoverstatedandtheaveragefeereportedforVisaandMastercardcreditcardswasslightlyunderstated;theoverallaveragefeeforVisaandMastercardwasunaffectedbythereportingchange.Source:RBAThebigreductioninfeesfollowedtheBanksteppingintoregulateinterchangefeesandgivingmerchantsthechoiceastowhethertheyrecovertheirpaymentcoststhroughsurcharging.Whilesurchargingisnotpopularwithconsumers,ithasresultedinpressureoncardschemestolowerfeesandthishasresultedinlowerpaymentcosts.Anotherimportantinfluenceonmerchantpaymentcostsisthemixofpaymentstheyaccept.Therearelargedifferencesinthecostofdifferentcards,sothemixcanmatteralot.Overthepastdecade,therehasbeenashiftawayfromhigh-costcreditcardstolower-costdebitcards,whichhastendedtolowermerchantcosts(Graph2).TheRBA’sinterchangeregulationplayedaroleheretoo,byincreasingtherelativeattractivenessofdebitcardsduetosmaller‘rewards’beingofferedoncreditcardsfollowingthereductionininterchangefees.2 RESERVEBANKOFAUSTRALIAGraph2%0.30.0

MerchantFeesandCardTransactionsAveragemerchantfee* Debitcardshareof%totalcardtransactions**Creditcards8060Allcards40Debitcards202012201720222008201520220PriortochangesinreportingmethodologyinJune2018,theaveragefeereportedforschemedebitcardswasslightlyoverstatedandtheaveragefeereportedforschemecreditcardswasslightlyunderstated;theoverallaveragefeewasunaffectedbythe2018reportingchange.TherewasalsoachangeinthecalculationoftheaveragemerchantfeesfordebitandcreditcardsinSeptember2020.Byvalue;seasonallyadjusted.Source:RBATheotherbigshiftinthemixofpaymentsisthedeclininguseofcash.ThisshiftawayfromcashacceleratedduringthepandemicandisevidentinthesharpdropinthevalueofwithdrawalsfromATMs(Graph3).Thevalueofcashwithdrawalsisdownby17percentfromwhereitwasthreeyearsago,whileoverthesameperiod,thevalueofnominalspendingintheeconomyhasrisenby27percent.Despitethisdeclineintheuseofcashforday-to-daytransactions,thereisstillstrongdemandforbanknotesasastoreofwealth,with38$50banknotesand18$100banknotesonissueforeveryAustralian(Graph4).Graph3ValueofCashWithdrawals$bMonthly,seasonallyadjusted*$bATM(LHS)122.491.861.2Debitcardcashouts(RHS)32012201420162018202020220.6SeriesbreakbetweenFebruary2018andMay2018duetochangesincollectionandreportingmethodology.Source:RBA3no.

Graph4BanknotesinCirculationPerCapita*

no.3020100$5$10$20$50$100* CalculatedusingMarch2022populationfiguresandbanknotesincirculationasatend-November2022.Sources:ABS;RBA

3020100Whileitispleasingtoseemerchantpaymentcoststrendlower,threedevelopmentsareworkingintheotherdirection.Thefirstistheshifttohigher-costinternationalschemedebitcardsandawayfromeftpos;onaverage,theinternationaldebitschemescostmerchantsover20basispointsmoretoacceptthaneftpos.Thesecondistheshifttoonlinecommerce,wheremerchantstypicallyfacehigherpaymentcosts.AndthethirdisthegreateruseofmobilewalletsofferedbyApplePay,GooglePayandSamsungPay.Useofthesewalletsisgrowingveryquicklyandtheyareoftenmoreexpensiveformerchantstoaccept(Graph5).Graph5MobileWalletTransactions%Shareofcardtransactions%2525DebitTotal2020Credit151510105500MJSDMJSDMJ202020212022Source:RBAIwouldalsoliketohighlightthefactthattherearelargedifferencesinthepaymentscostsincurredbysmallandlargebusinesses(Graph6).Smallbusinesses,onaverage,paytwicewhatlargebusinessespaytoprocessthesametransaction.Whileeconomiesofscaleexplainsomeofthisdifference,theyarenotthefullstory.4 RESERVEBANKOFAUSTRALIAGraph6%1.51.00.5

CostofAcceptancebyMerchantSize*Percentofvalueofcardtransactions,2020/21

%1.51.00.50.0<$100k$100k–$1m–>$10m$1m$10mMerchantsizeWeightedaverage.Merchantsizebasedonannualvalueofeftpos,MastercardandVisatransactions.Source:RBA

0.0Giventhesevariousdevelopments,theRBA’sfocusisonincreasingcompetitiontohelpfurtherdrivedownpaymentcosts.Thisiswheregivingmerchantschoiceoverwhichpaymentnetworkisused–socalledleast-costrouting(LCR)–isparticularlyimportantanditisapriorityofthePaymentsSystemBoard.LCRallowsmerchantstochoosethelowest-costcardnetworktoprocesstheirdebittransactions.Italsoincreasesthecompetitivepressurebetweenthedebitnetworks,providinggreaterincentivestolowerthewholesalefeesthatareultimatelypaidbymerchants.Thisisespeciallyimportantforsmallbusinessesthattypicallycan’tnegotiatediscountedfeeswiththecardschemes.Forin-storetransactions,least-costroutingisnowavailableto85percentofmerchants,althoughonlyhalfofallmerchantsareactuallyusingit.Thislowtake-upsuggeststhattheindustryhasmoreworktodoinpromotingthebenefitstomerchants.Somefinancialinstitutionsalsohavemoreworktodotocompletetheirrolloutandhavenotmettheexpectedtimetable.Toprovidegreatertransparencyonhowindividualinstitutionsareprogressing,theRBAwill,nextyear,startpublishinginstitution-leveldataonLCRavailabilityandtake-up.Intermsofonlinepayments,thePaymentsSystemBoardexpectsleast-costroutingtobeavailablebytheendofthisyear.Overall,theindustryislargelyontracktomeetthisdeadline.Whiletherearesomepaymentserviceprovidersthatarerunningbehind,mostofthesewillhaveleast-costroutingforonlinetransactionsupandrunninginthefirsthalfof2023.Asforin-persontransactions,theRBAwillgivepublicvisibilitytohowindividualinstitutionsareperforming.ThenextfrontierforLCRisin-storemobilewallettransactions.Overrecentmonths,theRBAhasbeenconsultingwiththemajormobilewalletproviders,issuers,acquirersandterminalproviders.Onthebasisofthisconsultation,thePaymentsSystemBoardhasformedtheviewthatitwouldbebothfeasibleanddesirablefortheindustrytodeliverLCRfunctionalityformobilewallettransactionsbytheendof2024.Thenextstepisforthemobilewalletproviderstofinalisetheirplansandsharetheseplanswiththeindustrysothatthenecessaryinvestmentsacrossthepaymentsecosystemcangetunderway.Overall,weareoptimisticthatleast-costroutingwillhelpcountertheforcesthatareaddingtomerchants’paymentcosts,particularlyforsmallbusinesses.Lookingahead,otherregulatoryandmarketdevelopmentsare5expectedtohelpincreasecompetitionandmaintainthedownwardpressureonpaymentcosts.ModernisationofthePaymentSystems(Regulation)Act1998(PSRA),asproposedbytheFarrellReview,wouldopenupthepossibilityofregulatingnewerentitiesinthepaymentsecosystem.GreatertransparencyofmerchantpaymentcoststhroughanexpansionoftheConsumerDataRightcouldalsohelpdriveincreasedcompetitionbetweenacquirers.Andnewpaymentmethodscouldemergeovertimetocompetewithcardpayments,includingthroughtheuseofQRcodesforaccount-to-accountpaymentsatretailers.EnhancingAustralia’sfastpaymentssystemThesecondbroadissueIwanttotalkaboutistheneedtocontinuetobuildonthearchitectureofAustralia’sfastpaymentssystem,theNPP.TheNPPisnowavailabletothecustomersofmorethan110financialinstitutions,andisusedtomakearoundaquarterofallaccount-to-accountpayments.Overthepastyear,theNPPprocessedoverabilliontransactions,worthmorethan$1trillion,andusagecontinuestogrow.Overall,take-upoffastpaymentsbyAustralianscomparesfavourablywithsimilarsystemsinotheradvancedeconomies(Graph7).Graph7UseofFastPaymentsSystemsno.Transactionspercapita,annualisedno.80MobilePaySwish80NPP(Sweden)(Denmark)(Australia)6060FPS40(HongKong)FASTFPS40(Singapore)(UK)20200123456789101112130YearsafterlaunchSources:FPSL;Getswish;HKICL;MAS;MobilePay;Nationalstatisticsagencies;NPPATheuseofPayIDshasalsogrown.PayIDsareasimplewayofaddressingpayments,forexampletoaregisteredmobilenumber,emailaddressorbusinessnumber.Almost13millionPayIDshavebeenregistered,withPayIDsusedtoinitiatearoundafifthofNPPpayments.Apartfrombeingconvenient,PayIDsprovideasaferwaytomakepaymentsfromoneaccounttoanother.WhenapaymentisaddressedtoaPayID,thepayerisshownthenameofthepersonorbusinesstheyarepayingbeforetheyconfirmthepayment.Thiscanhelptoreducethechanceofmistakenlypayingthewrongperson.Itcanalsohelpthepayeravoidbeingdeceivedintosendingapaymenttotheaccountofascammerratherthanoftheintendedrecipient.ArecentsurveycommissionedbyNPPAustraliashowsthatoneinfourPayIDusershavestoppedoreditedaPayIDpaymentwheretheynoticedthattherecipient’sdetailswerewrong.Evenso,wearenotyetrealisingthefullbenefitsofthisfeatureofthesystemandfinancialinstitutionshavemoreworktodotopromoteawarenessandadoptionofthisfunctionalityamongtheircustomers.6 RESERVEBANKOFAUSTRALIAMoregenerally,theNPPhasbeenconstrainedtodatebythefactthatitcateredforpushpaymentsonly–thatis,paymentsthatareinitiatedbythecustomer,suchaswhenwesendpaymentstooneanother.PayTo,whichlaunchedinJunethisyear,issettochangethis.PayTowillmodernisethewaywemakedirectdebits,givingcustomersgreatercontroloverpaymentsauthorisedtocomeoutoftheiraccounts.Itisalsoexpectedtosupportawaveofinnovation,includingfromfintechs.Itcould,forexample,streamlinebusinessbillingandaccountmanagementprocesses,andbeusedasanalternativetocardsforpaymentstomerchants.OnlyoneofthemajorbankshasmetthepreviouslyagreedtimelineforthedevelopmentofthePayToPayersystem.Thereasonsforthisarecomplex,butslowprogressbythemajorbanksimposesacostontherestoftheindustry.Investmentshavetobeputonholdassuccessfuluptakeofthesystemrequiresacriticalmasstobeoperational.ThenewagreedtimelinetocompletethenecessaryworkisApril2023.TheRBAexpectsthistimelinetobemet.Cheaperandfastercross-borderpaymentsThethirdbroadissueisaddressingthecostandspeedofcross-borderpayments.TheG20countrieshavecommittedtomakingcross-borderpaymentscheaper,faster,moretransparentandmoreaccessible.Australianeedstoplayitsrolehere.Thecostofinternationalpaymentsistoohigh.ThisisaparticularproblemforourneighboursintheSouthPacific,wheretoooftenpeopleonlowincomesfaceveryhighchargesforsendingmoneybackhome.Progressisbeingmadeinthisarea,butitisslow.Inpart,thisprogressiscomingaboutbecauseofincreasedcompetition,withanumberofcheaperdigitalnon-bankmoneytransferoperatorsenteringthemarketandpushingcostsdown.Therehasalsobeenanimprovementintransparencythroughimprovedonlinecalculatorsthatshowthetotalcost,includingallfeesandFXmarkups,followingtheACCC’sguidancepublishedafewyearsago.Inaddition,someofAustralia’slargestbanksarenowwaivingfeesonsometransactionsintheSouthPacificcorridors.Thereisalotmoretobedonehere,andweneedtheassistanceofAustralia’sfinancialinstitutionstomakefurtherimprovements.Onecurrentissueisthespeedofcross-borderpayments.AccordingtodatafromSWIFT,morethan80percentofthetimetakenforacross-borderpaymenttoreachanAustralianrecipientisduetothefinalAustraliandollarleg.[1]Anumberofothercomparablecountriesprocessincomingpaymentsmorequickly,includingsomeinsimilartimezones.Weneedtodobetterhere.ThedeliveryoftheNPPInternationalPaymentsBusinessServicewillhelpusmakeprogress.ThisservicewillallowthefinalAustraliandollarlegofinboundcross-borderpaymentstobeprocessedthroughtheNPP.BecausetheNPPoffersreal-timeprocessingoftransactionsona24/7basis,thiswillspeeduppaymenttimes.Theindustrycommittedtoprovidingthisnewserviceby1December2023intheNPPRoadmapreleasedlastmonth.[2]WeexpectthisdeadlinetobemetbyallthebanksparticipatingintheNPP.DelayswillhurtAustraliancustomersandholdbackAustralia’sprogressinmeetingitsG20commitments.ArelateddevelopmentistheadoptionoftheISO20022messagingformat,whichwillreplacethelegacySWIFTmessageformat.Intime,useofthisricher,internationallyharmonisedmessagingsystemshouldlowercostsandspeeduppaymenttimes.Itisalsopossiblethatovertime,variouscountries’fastpaymentsystemswillbelinkedup.Lastyear,SingaporeandThailandbecamethefirstcountriestodothisandithasreducedcoststoconsumers.[3]Anumberofsimilarprojectsarebeingexploredelsewhereintheworld.Aspartofthisexploration,theBISInnovationHubhasbeendevelopingabridgingplatformfortheconnectionofnumerousfastpaymentsystemsthroughthestandardisationofbusinessandtechnicalpaymentprocesses.We7areengagedinthisworkandIsitontheAdvisoryBoardfortheBISInnovationHub.Whetherornotthisisthebestsolutionisstilltobedetermined,butthedirectionofchangeisclear.Nextyear,theRBAisplanningtoworkwiththeAustralianindustrytostudytheeconomic,businessandtechnicalissuesinvolvedwithlinkingupourfastpaymentssystemwiththoseelsewhereintheworld.SupportinginnovationThefinalissueissupportingtheinnovationthatwillensureAustraliaiswellplacedforthedigitalfuture.SomeoftheissuesthatIhavealreadydiscussedwillhelphere,butIwouldliketomentiontwoothers:theRBA’sworkexploringacentralbankdigitalcurrency(CBDC)andtheworkunderwaytomoderniseAustralia’sregulatoryarchitecture.CentralbankdigitalcurrencyMycolleague,BradJones,spokelastweekaboutsomeoftheissuesweareworkingthroughregardingthepossibilityofaCBDCforretailpurposes.[4]Wehaveanopenmindastowhetherapublicpolicycasewillemergetogointhisdirection.However,asthingsstandtoday,thatcasehasnotyetbeenestablished.Weare,though,exploringthepossibilitiesincasethisassessmentchanges.Aspartofthiseffort,wehaveembarkedonaprojectwiththeDigitalFinanceCooperativeResearchCentreinvolvingtheissuanceofapilotCBDCthathasrealvalue,circulatinginaring-fencedenvironment.Wehaveinvitedindustryparticipantstoproposeusecasestotestinthisenvironment,theideabeingthatthiscouldhelpusunderstandnewbusinessmodelsandpaymentsolutionsthataCBDCcouldsupport.Wearealsolookingatpotentialusecasesforawholesalecentralbankdigitalcurrency,whichcouldsupplementtheexistingExchangeSettlementaccountsweoffer.Interestinparticipatingintheprojecthasbeenverystrong,withover140submissionsofusecases.Testingwillcommencesoonandwelookforwardtopublishingtheresultsnextyear.WearealsolookingattheprosandconsofanalternativeformofadigitalAustraliandollar–apaymentsstablecointhatisissuedbytheprivatesector,justasbanksissuedeposits.Ifweweretogointhisdirection,thepaymentstablecoinswouldneedtobebackedbyastrongregulatoryregime,justasappliestodeposits.ModernisingtheregulatoryregimeTheRBAisalsoworkingwiththegovernmenttomakesurethattheregulatoryregimeisfitforpurpose.TheBankwelcomesthereleaseoftheconsultationpaperonthestrategicplanforthepaymentssystem.Thisplanhelpstoprovideguidanceforindustryandregulatorsonthegovernment’skeyprioritiesforthepaymentssystemandwelookforwardtoworkingwithinterestedparties.Fromourperspective,onereformpriorityistheestablishmentofanewlicencingregimeforpaymentserviceproviders(PSPs).ThiscouldhelpovercomesomeofthechallengesfacedbyPSPsseekingtoentertheAustralianmarket.TheBankisalsoworkingonasetofcommonrequirementsforPSPsseekingtoaccesspaymentsystems,aspartofthenewlicensingregime.Theaimistocreateamorelevelplayingfieldfornon-ADIpaymentserviceprovidersinawaythatbalancestheneedsofthepaymentsystemoperatorsandPSPs.TheBankisalsodevelopinganewregulatoryregimeforindustrybodiesthatsettechnicalstandardsforthepaymentsindustry.Asecondpriorityisthedevelopmentofregulatoryarrangementsforpaymentstablecoins.AsImentionedamomentago,wecanenvisageapossiblefutureinwhichstablecoinsareusedforpayments,aslongastheyarewelldesignedandwellregulated.Inmanyways,theregulatoryissuesaresimilartosomestoredvaluefacilities,suchaspre-paidtra