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Thursday March 26, 2009
Australia warns payments industry
SYDNEY: Australia’s central bank yesterday warned the country’s payments industry that it would flex its regulatory powers to force innovation in the system if banks and card operators continued to drag their feet on reform.
Reserve Bank of Australia (RBA) Governor Glenn Stevens said the country’s electronic and online payments system was lagging other countries, largely because some in the industry were putting competitive considerations above the common good. – Reuters
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