063/06
29 June 2006

The future of electronic payments keeps growing

The Minister for Communications, Information Technology and the Arts, Senator Helen Coonan, today welcomed the release of the report Exploration of Future Electronic Payments Markets.

“The growing use of information and communications technology opens up new payment options for Australian businesses and consumers in the form of a greater choice of electronic payment systems,” Senator Coonan said.

The research report was commissioned by the Department of Communications, Information Technology and the Arts to advance discussion of these issues.

The report finds that Australians can benefit increasingly from new forms of electronic payment as we embrace new technologies, such as broadband communications and online service delivery. New and upgraded systems offer the potential for greater speed, efficiency and flexibility in making and receiving payments.

“The report is an important contribution to research into the economic potential of electronic payments in Australia, but it is only a starting point,” Senator Coonan said.

“Planning is underway for activities facilitated by the Australian Government and other organisations to raise community awareness of the benefits of fast, efficient, flexible electronic payment systems.”

The electronic payments research complements a previous research report Trust and growth in the online environment, which encompasses security issues and practices associated with making online transactions. The two streams of work will be combined in follow‑up activities to promote the use of good practices by Australians transacting online.

The report was developed by the Centre for International Economics and Edgar, Dunn & Company. It was co­‑sponsored by the Department, Dialect Solutions, the Australian Payments Clearing Association, Optus, BPay, and the Australian credit union body—CUSCAL.

The Department and the project consultant will conduct industry seminars to promote the research findings of the report. Seminar details and more information about future activities will also be posted to the Department’s website.

Both reports are available online at http://www.dcita.gov.au/communications_and_technology.