I shall now use a 7’C framework to put forth my views. The 7C framework comprises: Cost, Convenience, Confidence, Convergence, Commitment, Consumer Protection and Communication – all of them critical for both the payment system and the financial inclusion. Cost Cost is an important component to ensure affordability of modern electronic payment systems to the financially excluded.
Total funding equals total liabilities, excluding derivative liabilities. Sources: central banks, national statistical agencies, banks’ financial statements, Standard and Poor’s, RBA. Another commonly quoted metric used to support the case that Australian banks are underweight deposits is the relatively high ratio of loans to deposits in Australia.