CEO Speaks at NORA: Changes Impacting Payments

Exploring new innovations & trends impacting payments over the next few years.


As part of the recent National Online Retailers Association (NORA) Leader Lunch Series, Australian Payments Network CEO Dr Leila Fourie spoke about how technological advancements and consumer expectations are changing the future of retail payments.

Australia is fast becoming a less-cash society and cheques have all but disappeared. Our high internet penetration, strong use of smartphones and uptake of contactless technology are changing the way we shop and pay.  You can now pay using your mobile phone or smartwatch in the same way that you would pay using a contactless card.  We are also seeing greater integration of biometric authentication, for example, fingerprint scanners in smartphones.

The demands for new payment methods are being driven by changing expectations around how products and services will be delivered. These include:

  • Hyperconnectedness - consumers are coming to expect that digital devices will be interoperable, that they will be able to talk to each other, and that they will do this in the background.

  • Personalisation - big data is driving a revolution in analytics that provides new tools for merchants to align their products with consumer demands.

  • Stronger Product Experiences - consumers are becoming more experiential and demanding stronger product interactions.

  • Hyperconvenience - consumers now expect that products will be available 24/7, with short delivery times.

Globally, governments are investigating the challenges and opportunities of moving to new payment methods.  For example, governments are starting to examine whether these can bring more visibility and traceability to larger areas of their economies. Here in Australia, a cross-departmental taskforce is looking at the role of cash in the black economy.

Moreover, mandated standards for data access are on the public agenda. Inquiries by the House of Representatives and the Productivity Commission are considering appropriate standards, with the Australian Government expected to formalise a position in the coming months.

In future, payments will become less visible in the customer experience, and underpinned by strong biometric authentication. Payments will continue to decentralise, moving to wearable devices, and embedded in household appliances. These changes will be driven by technological change, consumer demand, and government regulation.

Read Dr Fourie’s complete speech here.