At the same time, a clear trend towards online commerce and online banking is leading to a rapid increase in remote – as opposed to point-of-sale – payments. This is likely to be an area of increased competition, but is also the focus of increased efforts to improve the security of payments.
Overlaid on all this is a proliferation of new models for using existing payment methods and indeed some proposals to change fundamentally the way we think about payments. 1  Ossolinski C, T Lam and D Emery (2014), ‘The Changing Way We Pay: Trends in Consumer Payments’, RBA Research Discussion Paper, No 2014–05.