PayPal Australia Pty Ltd GPO Box 351 Sydney NSW 2001 Email: 14 February 2017 Mr. Tony Richards Head of Payments Policy Department Reserve Bank of Australia GPO Box 3947 Sydney NSW 2001 By email: pysubmissions@rba.gov.au Dear Mr Richards I refer to the Bank’s request for views from interested parties on the Consultation Paper Cards and Mobile Wallet Technology” issued by the Bank on 7 December 2016. About PayPal PayPal was founded in 1998 and has been at the forefront of the digital payments revolution operating an open, secure and technology agnostic payments platform that businesses use to securely transact with customers online, in stores and increasingly on mobile devices. PayPal is a truly global payments platform that is available to people in more than 200 markets, allowing customers to get paid in more than 100 currencies, withdraw funds to their bank accounts in 57 currencies and hold balances in their PayPal accounts in 26 currencies. PayPal has operated in Australia for more than 10 years and was one of the first wallets’ ‘digital to aim to provide fast, safe, simple and secure transactions for consumers and merchants. Our payments platform, fraud prevention tools and extensive risk management capabilities enabled PayPal to successfully process over 6 billion transactions valued at in excess of US$350 billion globally in 2016. Response to Questions Posed in the Consultation Paper Having reviewed the material contained in the Consultation Paper, PayPal provides the following comments based upon its experience of the Australian and global payments market environment. Specifically we provide comment in respect of: Question 1 Views of end-users regarding dual network cards – Question 4 Views as to the feasibility of different ways to provision cards – Question 6 Foreign Precedents – Question 9 Compliance arising from a standard –
PayPal Australia Pty Ltd GPO Box 351 Sydney NSW 2001 Email: 14 February 2017 Mr. Tony Richards Head of Payments Policy Department Reserve Bank of Australia GPO Box 3947 Sydney NSW 2001 By email: pysubmissions@rba.gov.au Dear Mr Richards I refer to the Bank’s request for views from interested parties on the Consultation Paper Cards and Mobile Wallet Technology” issued by the Bank on 7 December 2016. About PayPal PayPal was founded in 1998 and has been at the forefront of the digital payments revolution operating an open, secure and technology agnostic payments platform that businesses use to securely transact with customers online, in stores and increasingly on mobile devices. PayPal is a truly global payments platform that is available to people in more than 200 markets, allowing customers to get paid in more than 100 currencies, withdraw funds to their bank accounts in 57 currencies and hold balances in their PayPal accounts in 26 currencies. PayPal has operated in Australia for more than 10 years and was one of the first ‘digital wallets’ to aim to provide fast, safe, simple and secure transactions for consumers and merchants. Our payments platform, fraud prevention tools and extensive risk management capabilities enabled PayPal to successfully process over 6 billion transactions valued at in excess of US$350 billion globally in 2016. Response to Questions Posed in the Consultation Paper Having reviewed the material contained in the Consultation Paper, PayPal provides the following comments based upon its experience of the Australian and global payments market environment. Specifically we provide comment in respect of: Question 1 – Views of end-users regarding dual network cards Question 4 – Views as to the feasibility of different ways to provision cards Question 6 – Foreign Precedents Question 9 – Compliance arising from a standard