Inquiry into mobile payment and digital wallet financial services

In May 2021, we made a submission to the Parliamentary Joint Committee on Corporations and Financial Services inquiry into mobile payment and digital wallet financial services.

The submission focused on the implications of mobile payment and digital wallet services for licensing and consumer protection. It acknowledged that the amendments proposed by the Council of Financial Regulators (CFR) in its Review of Retail Payments Regulation: Stored-Value Facilities (SVF) final report are a positive step in terms of the regulation of SVFs. It highlighted, however, that these amendments fall short because not all participants now in the payments industry necessarily fit the definition of an ‘SVF’. The submission suggested that regulation should apply to all industry participants and involve a consistent framework – a “same risk, same rules” approach.

Additionally, the submission supported the CFR recommendation that compliance with ASIC’s ePayments Code be mandated for payment product providers.

Our CEO, Andy White, took part in the Public Hearing held by the joint committee on 26 July 2021.

The full submission is available below.