Panic, Pandemic and Payment Preferences

The Disruption Evolved series by Morgan Stanley features guest speakers who are leaders in their field and at the forefront of industry. In June this year, Michelle Bullock, Assistant Governor (Financial Systems) RBA, delivered a compelling keynote focussing on the potential implications for payment systems in the midst of the Covid-19 pandemic. With a focus on Panic, Pandemic and Payment preferences, Michelle’s shares her insights as we navigate these extraordinary times.

Below is a transcript of Michelle’s address.

Michelle Bullock
Assistant Governor (Financial Systems)

Keynote Address at the Morgan Stanley Disruption Evolved Webcast
Online – 3 June 2020

“Thank you to Morgan Stanley for the opportunity to speak this morning.

We are living through quite extraordinary times. The COVID-19 pandemic is having dramatic effects on economies around the world, impacting employment, businesses and households. Monetary and fiscal policies have been heavily mobilised to help bridge the impact of the containment measures on economic activity. But the health crisis has also disrupted aspects of the retail payments system; payment patterns have seen large, sudden shifts as merchants and consumers have changed both their payment preferences and their mode of interaction. Payment service providers have tried to accommodate these shifts in preferences in a fast-changing environment…”