Innovation drivers and barriers: Implications for innovators, imitators and regulators

Abstract

This paper attempts to provide a fact-based review of innovations in retail payment systems which have led to enhanced consumer payment services in Australia and relevant overseas countries during the last five to ten years. In doing so, it also explores the impact of pertinent variables that either drive or impede innovation. The objective of this paper is to provide a basis for discussion on the question of what types of payment innovations are suitable under specific market conditions, using the Australian market as a case study.