Australian government to review domestic payments system regulation
The Australian government on Wednesday said it would commence a review into the regulatory architecture of the country’s payments system to ensure it is fit for purpose and can support continued innovation.
According to Treasurer Josh Frydenberg, the review will look at whether the existing regulatory architecture of the payments system is suitable given rapid changes in technology, how to drive increased productivity through innovation and competition, assess government payment systems, and analyse global trends to determine how Australia can remain internationally competitive.
“The regulatory architecture of the payments system has served Australia well, but has remained largely unchanged for over two decades. This comes at a time when consumer appetite for using different payment methods, like contactless payments, has accelerated,” he said in a statement.
“It is critical that the regulatory architecture supporting our payments system promotes innovation and competition to ensure that costs to business are minimised, consumer experience is enhanced, and there is confidence in the security of the system.”
The review will be chaired by King and Wood Mallesons partner Scott Farrell, who also undertook the formative review that led to the Consumer Data Right regime, and involve consultation from industry, consumer and privacy advocates, and other interested parties to develop a report and recommendations.
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