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RESERVE BANK OF AUSTRALIA

Payments System Board Annual Report – 2011

List of tables

Table 1: Number of Meetings Attended by Each Member in 2010/11

Table 2: Australian Non-cash Retail Payments

Table 3: Online Payments

Table 4: Online Retail Payments

Table 5: Non-cash Retail Payments in Selected Countries

Table 6: Interchange Fees

Table 7: Typical Features of Personal Credit Cards, by Type

Table 8: Fraud on Australian-issued Payment Instruments

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Table 1: Number of Meetings Attended
by Each Member in 2010/11(a)
(a) Figures in brackets show the number of meetings each member was eligible to attend
(b) Brian Wilson was appointed to the Board on 15 November 2010
Glenn Stevens 4 (4)
Malcolm Edey 3 (4)
John Laker 4 (4)
Joe Gersh 4 (4)
Robert McLean 4 (4)
Catherine Walter 4 (4)
Brian Wilson(b) 3 (3)
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Table 2: Australian Non-cash Retail Payments
  2010/11   Average annual
growth,
2006/07–2010/11
  Per cent of total Average value Growth, per cent   Per cent
  Number Value $ Number Value   Number Value
(a) Excludes BPAY transactions; a reporting change by a bank caused a break in the series in 2009/10, increasing the number and the value of direct credits
(b) Excludes BPAY transactions
Sources: BPAY; RBA
Cheques 4.0 10.6 5,146 −11.6 −5.2   −8.9 −4.4
Direct debits 10.0 37.9 7,387 3.6 2.6   5.4 3.5
Direct credits(a) 22.2 46.9 4,090 7.2 1.2   5.6 1.4
Debit cards 36.2 1.2 66 18.4 15.8   12.0 11.1
Credit cards(b) 23.3 1.7 145 5.7 5.7   4.5 5.5
BPAY 4.3 1.6 712 8.4 10.7   8.8 9.9
Total 100.0 100.0 1,938 9.3 1.4   6.5 1.7
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Table 3: Online Payments
Shares in the year to June 2011, per cent
  Number Value
(a) Includes double-counting of some PayPal transactions
Sources: BPAY; RBA; specialised online payments providers
Internet banking 50.8 88.2
BPAY 23.7 9.8
Scheme credit and debit cards 21.6(a) 1.8
Specialised online payments providers 3.9 0.2
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Table 4: Online Retail Payments
Shares in the year to June 2011, per cent
  Number Value
(a) Includes double-counting of some PayPal transactions
(b) Adjusted for the double-counting of some PayPal transactions
Sources: RBA; specialised online payments providers
Credit cards 61.1(a) 75.5(b)
Scheme debit cards 23.8(a) 15.6(b)
Specialised online payments providers 15.1 8.9
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Table 5: Non-cash Retail Payments in Selected Countries
Number per capita, 2009
  Cheques Direct debits Direct credits Debit card(a) Credit card(b) Total(c)
(a) Includes scheme debit
(b) Includes charge cards
(c) Includes e-money and ‘other’ transactions
(d) Includes BPAY
(e) Split between debit and credit cards not available
(f) Figures for Japan are for 2008
Sources: ABS; BIS; RBA
Australia 15 29 75(d) 90 67 277
Belgium 1 24 88 82 10 211
Brazil 9 22 37 12 15 96
Canada 34 22 34 115 79 284
China 1 na 1 3(e) na 5
France 51 51 43 107(e) na 255
Germany 1 103 71 24 5 205
Hong Kong na na na 14 48 na
India 1 <1 <1 3 <1 5
Italy 6 10 20 15 10 66
Japan(f) 1 na 11 <1 41 61
Korea 19 27 50 22 97 218
Mexico 4 <1 7 4 4 20
Netherlands na 77 90 125(e) na 302
Russia <1 1 14 5 <1 26
Saudi Arabia <1 <1 <1 42 1 46
Singapore 16 11 6 41 na 84
South Africa 2 11 9 18(e) na 40
Sweden <1 26 97 143 39 305
Switzerland <1 6 90 48 19 165
Turkey na na na 2 24 na
United Kingdom 21 51 53 97 32 257
United States 82 36 23 125 73 340
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Table 6: Interchange Fees
As at 30 June 2011, excluding GST
  Credit card
Per cent unless
otherwise specified		   Debit card
Cents unless
otherwise specified
  MasterCard Visa   MasterCard Visa
(a) May be 0.30% or 0.35% depending on use of MasterCard's SecureCode online authentication system
(b) May be 0.90% or 0.95% depending on use of MasterCard's SecureCode online authentication system
(c) May be 1.50% or 1.55% depending on use of MasterCard's SecureCode online authentication system
(d) Transactions above $10,000 excluding travel/entertainment purchases
Sources: MasterCard website; RBA; Visa website
Consumer electronic 0.35 0.40   6.0 8.0
Consumer standard 0.40(a) 0.45   19.0 0.30%
Consumer chip 0.35 –   12.0 –
Premium/platinum 1.00(b) 1.00   0.50% 0.40%
Premium chip 1.00 –   – –
Super premium 1.60(c) 1.70   – –
Commercial 1.27 1.28   1.27% 1.00%
Commercial chip 1.27 –   1.48% –
Strategic merchant 0.25
or 0.34		 0.25
to 0.35		   3.6 4.0
to 60.0
Government/utility 0.30 0.30   7.0 8.0
Charity 0.00 0.00   0.00% 0.00%
Petrol/service station 0.34 0.32   4.0 6.0
Education 0.30 0.40   – 8.0
Supermarket – 0.32   – 6.0
Insurance – 0.40   – 8.0
Transit – 0.30   – 6.0
Recurring payment 0.30 0.30   9.1 8.0
Quick Payment Service 0.40 –   4.0 –
Contactless payment 0.35 –   – –
Micropayment – –   4.0 –
Large ticket(d) – $20 + 0.20%   – $10 + 0.10%
Benchmark 0.50 0.50   12.0 12.0
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Table 7: Typical Features of Personal Credit Cards, by Type(a) As at end June 2011
  Average annual fee Average interest rate Average
spending
for $100 voucher(b)		 Average rewards benefit Range of rewards benefit
  $ Purchases,
per cent
per annum		 $ Per cent of
spending		 Per cent of spending
(a) The total sample comprises over 80 credit card products offered by 12 issuers; reported averages are calculated as simple averages of relevant products' features
(b) The value of spending required to obtain a $100 voucher assumes cardholders with a credit card product containing a companion American Express card spend equal amounts on their MasterCard/Visa card and companion American Express card; figures do not factor in the ability to earn bonus points at certain merchants, caps on earning points or reduced point accrual rates for spending above certain thresholds
(c) There are two super-premium card products: the Citibank ‘Select’ card with an annual fee of $900; and the CBA ‘Diamond’ card with an annual fee of $425
Sources: credit card issuers' websites as at 30 June 2011
No rewards
Low rate 75 13.1 – – –
Standard (‘low fee’) 24 19.4 – – –
Rewards
Standard 63 19.9 15,800 0.63 0.16–1.00
Gold 138 20.3 15,000 0.66 0.16–0.93
Platinum 252 20.3 10,800 0.93 0.58–1.23
Super premium(c) 563 20.7 8,100 1.24 1.16–1.31
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Table 8: Fraud on Australian-issued Payment Instruments
Cents per $1,000 transacted
  2009 2010
Source: Australian Payments Clearing Association    
All instruments 9.1 10.6
All cards 33.3 35.6
Scheme credit, scheme debit and charge card 57.5 62.8
Proprietary debit card 9.4 7.9
Cheque 0.8 1.3
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