1. Guide to the Australian payments system

Australia’s world-class payments system is a foundational component of the digital economy. Changes in customer demand, technology availability and the regulatory context are driving competition and innovation in payments. Consumers and businesses have a wide choice of functionally rich payment options.

The changing payments mix reflects a customer preference for faster, data-rich payment methods, with 24/7 availability. This strong trend towards digital payments is further accelerated by the uptake of smart phones, richer card functionality, the introduction of digital wallets, and the development of APIs.

Customers expect convenience and security; technology can deliver both. Financial institutions are establishing relationships with technology companies to deliver new, complementary services using existing payment systems. Open banking – introduced in Australia under the Consumer Data Right in July 2020 – industry work on digital identity, and support for emerging technologies are creating further opportunities for collaboration and innovation.

The payments system is a complex mix of collaboration on regulation, standards, processes and infrastructure, and competition in the delivery of payment services. Australian Payments Network (‘AusPayNet’) has prepared this Guide to help interested companies and businesses better understand how they can participate in the Australian payments system.


The Guide does not cover participants’ ongoing obligations after joining a payments system. Organisations interested in participating in a payment system, should contact AusPayNet directly to understand in more detail the requirements for membership.

Users of this Guide should seek their own legal, financial or other advice to assess how the information relates to their own circumstances. AusPayNet is not liable for any loss caused or arising from the use of, or reliance on, the Guide. The information is current as at 23 November 2020.


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