The Council, which will have its first meeting next week, comprises 14 members, including from institutions typically represented on APCA’s Board, plus representatives of payment schemes, retailers with their own payments infrastructure and other payment services providers. The Council will have an independent chair and representatives from APCA and the Reserve Bank. The formation of the Council is a very important development.
The Payments System Board expects it to take an industry-wide view as to how the payments system can better meet the needs of end-users. On that basis, the Board looks forward to active engagement with the Council. That in no way indicates that we see a lesser role for APCA.