Payments System Modernisation (Regulation Of Payment Service Providers)
On 9 February 2024, AFIA submitted a response to the Payments System Modernisation (Regulation of Payment Service Providers) consultation.
AFIA’s position regarding the regulation of payments is that it should:
Be targeted and right sized – proportionate, scalable, and functions-based.
Support competition and innovation.
Balance financial stability and consumer protection, which is particularly important to ensure vulnerable customers are not disadvantaged with this next evolution and we avoid a new ‘digital divide’ in Australia.
Exist alongside self-regulation which should continue to play an important role in setting high standards, getting ahead of change and customer expectations, and adapting existing frameworks to drive better customer outcomes.
Be efficient and effective – supportive of Australia retaining our global position as a financial centre and an incubator for ideas and responsive to this dynamic environment.
Aim for international interoperability to ensure Australia is an attractive market for investment with regards to payment service provision. AFIA members operate within other jurisdictions, and we support global regulatory alignment to facilitate compliance.