Karma Choden Gyabak

Thesis Name

Thesis Abstract

Australia’s payment system is undergoing a profound transformation as new technologies, regulatory frameworks, and consumer preferences reshape how value is exchanged. The Reserve Bank of Australia (RBA) is actively exploring the role of central bank digital currencies (CBDCs), while cryptocurrencies, stablecoins, and Buy Now Pay Later (BNPL) services are gaining prominence. Traditional electronic payments, already well established, provide the infrastructure backbone for this evolving multi-currency environment.

The COVID-19 pandemic accelerated the decline of cash, with consumers and merchants rapidly adopting contactless and mobile payments. Regulatory attention has also intensified, with increased focus on cryptocurrency oversight, stablecoin regulation, and the potential issuance of a digital Australian dollar. Together, these developments are shaping a dynamic, hybrid payment ecosystem in which multiple currencies and technologies coexist and compete.

This research addresses a critical gap in the literature: most existing studies analyse specific payment technologies in isolation rather than examining how they interact at the ecosystem level. By analysing the convergence between CBDC, cryptocurrencies, BNPL, and traditional digital payments through 2028, this study seeks to offer evidence-based insights for both academic theory and regulatory policy.

Why My Research is Important/Impacts

The ongoing transformation of Australia’s payment system has important implications for consumers, businesses, and policymakers. This research examines the interaction between CBDCs, cryptocurrencies, BNPL, and traditional digital payments, providing insights that can inform regulatory frameworks to support innovation while ensuring financial stability. For consumers, it can enhance trust, security, and accessibility in payments, while businesses and financial institutions can use the findings to adopt emerging technologies and manage associated risks. Academically, the study addresses a gap by analysing the payment ecosystem holistically, rather than focusing on individual technologies. Overall, this research contributes to a deeper understanding of a hybrid, multi-currency payment environment, supporting evidence-based decision-making and smoother adoption of new payment methods.