It is this risk that adds an extra degree of complexity to the making of monetary  BIS Review 26/2003  3  policy in Australia, and gives some context to my earlier remarks about there having been less urgency in Australia than elsewhere to respond to the weakening world economy.
For example, merchants were the initial drivers of the introduction of payment cards in the US in the 1930s, and, just a couple of years ago, it was a mobile network operator in Kenya that succeeded in making mobile payments widespread in that country. In Europe, it is expected that non-banks will have a stronger role in payment markets in the years to come.