The introduction of ATM direct charging in March 2009 has been one of the more public experiments in consumer behaviour within Australian retail payments. With three and a half years of statistics now available, we are developing a clearer view of its impact. On the supply side, direct charging has accompanied a rise in the number of ATMs. There were 25,000 ATMs in Australia in mid-2008 and now there are over 30,000. Despite more ATMs, direct charging has also seen a contraction in the number of withdrawals, with a drop by about 30 million withdrawals between 2008-09 and 2009-10. While this decline coincides with the GFC, the average withdrawal amount rose slightly during this period - suggesting slightly fewer but slightly larger withdrawals from ATMs as a response to direct charging.
As we head into a world where data is more available, it is important to understand how information can be used to benefit our lives. It’s also very important to understand some of the key issues around security and privacy that come with handling data. Further, it’s likely that the new world of payments that’s rapidly emerging will entail greater collaboration between established payments players and technology companies – large and small.
For all these reasons, we’re really pleased to be supporting the Australian Payments Council’s hackathon that will bring together a broad set of participants with a common goal of improving life with data.
The event will take place simultaneously at Stone & Chalk in Sydney and Cognizant’s Collaboratory in Melbourne from 11 to 13 August 2017. Participants are expected to come from Australia’s burgeoning FinTech community as well as established financial institutions. They will access a sandbox of emulated and real data provided by the Open Bank Project to bring their ideas to life.
Forming teams, participants will work on one of the two available challenges:
- Improve daily life: In the words of the Productivity Commission “Data is a new resource for
our economy and society”. Show us how transactional data can improve the lives of ordinary
- Improve life in unforeseen circumstances: Daily life is great until something goes wrong. Show us how transactional data can help when the unexpected happens!
Teams will have about 48 hours to develop applications that demonstrate how transactional data can improve the lives of Australians.
The best overall application in each city will be awarded with a cash prize of $5,000 and there are a range of other prizes to reward creative ideas!
For more details and to register online visit the website http://improvinglifewithdata.com.au/