Reforms to the Payment Systems (Regulation) Act 1998

The Government proposes changes to the Payments Systems (Regulation) Act 1998 (PSRA) to ensure regulators and Government can address new risks related to payments as the provision of payments evolves and increases in complexity.

The proposals include:

• Updating the PSRA to ensure the Reserve Bank of Australia has the ability to regulate new and emerging payment systems, such as digital wallet providers.
• Introducing a new ministerial designation power that would allow particular payments services or platforms that present risks of national significance to be subject to additional oversight by appropriate regulators.

The Government seeks views from interested parties on these proposals. Specific consultation questions are outlined within the paper.