The Australian Payments Plan provides strategic direction for the payments system to ensure it continues to meet the needs of Australian businesses and consumers, a statement issued by the Australian Payments Council said. 

Australian Payments Council chairman Mark Birrell said: “We need to have the right measures in place to support our significantly more interconnected future.”

The plan marks three key areas that will require further industry collaboration to support a more connected and competitive payments environment. These include trust and security, managing the existing payments mix and technology innovation. 

Regarding the latter, the Australian Payments Council said the payments community will need to actively assess the implications of new technology. 

“We are committed to ensuring all Australians have access to convenient and secure payment services in the digital environment. The plan will enable industry to work collaboratively to deliver on this commitment,” Mr Birrell said. 

In relation to trust and security, the statement said that the payments sector must work on establishing a digital identity framework and “take a lead” on cyber-security strategies. 

Moreover, “the payments community will develop an industry roadmap to ensure that all businesses and consumers have access to convenient payment methods in the digital economy,” the statement said.

The plan also anticipates how the system will continue to evolve over the next 10 years and provides the framework needed to ensure that it maintains the characteristics of resilience, efficiency, accessibility and adaptability, the statement said.