01.RBA Payments system review
Consumers need to be put first as new payment methods develop
CHOICE says a review by the Reserve Bank of Australia (RBA) into changes in the way people can pay for goods and services is an opportunity to put the consumer first.
‘The days when you could only pay for goods and services by cash or cheque are long gone. We support innovation in payment systems but it’s important that the rights of the consumer come first,’ says CHOICE’s Head of Campaigns, Matt Levey.
Among seven recommendations CHOICE has made to the RBA’s Strategic Review of Innovation in the Payments System, the people’s watchdog is calling for wide consultation with consumers on the future of cheques, the opportunity to opt out of new payment technologies and better access by consumers to data that is gathered about their spending habits.
CHOICE believes consumers need to have access to a range of payment options that provide affordable, secure and timely avenues to purchase goods and services. This will enable people to move through changes in the payments landscape with confidence.
You can find out more about CHOICE’s position on innovations in the payments system in our submission to the RBA review.