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Australia's Payment System Modernization
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Australia's central bank plans comprehensive reforms to modernize payments systems, aiming to support cash movement businesses and enhance direct entry of salaries and welfare payments. The RBA will expand its regulatory power over retail payments, consider action on mobile wallets, and support the transition to the New Payments Platform for cross-border transactions, necessitating significant investment and time.
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How might the reforms impact the efficiency and accessibility of payment systems in Australia?
How might these reforms influence the competitive landscape of payment providers and financial institutions in Australia?
What potential challenges could arise during the transition from BECS to NPP for cross-border transactions?
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