While the industry determined how it would achieve the objectives, the Reserve Bank played a significant role in encouraging and facilitating the cooperation required to develop and build the system. The Forces Shaping Retail Payments There are three key forces that are introducing innovation and competition to retail payment systems around the world: new payment channels, new technologies and new participants.
Increasingly, consumers are reducing their use of cash and using electronic payment methods. But they are also making electronic payments through new channels. One example is payment 1/5  BIS central bankers' speeches  using mobile devices. These devices have become ubiquitous and are now being used for payment at the point of sale, online payments and ‘in-app’ payments.