Review of Retail Payments: Consultation Paper

by AFIA

18 August 2021

The Australian payments and financial services regulatory architecture is considered world-class. Australian financial services businesses have been driving change across the finance industry globally for years, with advances in universal access to ATMs and online banking and financial services well ahead of other parts of the world.

AFIA agrees with the preliminary conclusions made in the Reserve Bank of Australia’s Consultation Paper - to retain the current regulatory settings and introduce new principles to establish technical standards of operation, which promote access and choice, competition and innovation, and participation within the payments ecosystem.

In this submission, AFIA makes five overarching recommendations regarding payments regulation.