In January 2020, AusPayNet was pleased to provide a response to the Reserve Bank of Australia Issues Paper, Review of Retail Payments Regulation.
AusPayNet’s submission provided both general comments about self-regulation as well as answers to specific questions outlined in the review. Key points outlined in our submission included:
- Market forces and technological change are underpinning a wave of innovation in the payments industry and offering new ways for consumers and business to pay and accept payments;
- Self-regulation is working effectively to identify and solve potential challenges over the medium-to-longer term;
- As the self-regulatory body for the Australian payments system, AusPayNet is continuously reviewing and improving on this model to ensure it evolves to meet the needs of the rapidly change payments landscape;
- Existing government initiatives (such as the consumer data right and CFR review of stored-value facilities) will complement industry initiatives in helping to provide a foundation for future innovation
AusPayNet welcomes the opportunity to continue to work with the RBA on this ongoing review. In particular, we will continue to update the RBA on the progress and outcomes of our own Future State of Payments consultation. AusPayNet's submission can be accessed below.