The Reserve Bank of Australia has started a review of payments system regulation and released an Issues Paper seeking stakeholder evidence on which payments policy issues it should prioritize. The review follows amendments to the Payment Systems (Regulation) Act 1998 that expanded the legislation’s coverage to additional payment systems and participants. The evidence gathered will inform the bank’s prioritization of issues and its assessment of whether regulatory action is needed and in what form. The review is framed around changes in the payments landscape that are reshaping how consumers and businesses make and receive payments, with possible implications for competition, efficiency and financial safety. The Issues Paper highlights four main areas for consideration: merchant choice of payment methods and providers, account-to-account payments and their competition with card payments, mobile wallets and other newer payment services including non-designated card networks and buy now pay later, and cryptography and fraud prevention. Written submissions are due by 7 August 2026. The Reserve Bank of Australia plans to publish a list of regulatory priorities by the end of 2026 and begin further consultation on prioritized issues by mid-2027.
Reserve Bank of Australia2026-06-25
Reserve Bank of Australia launches payments system regulation review and seeks views on regulatory priorities
The Reserve Bank of Australia has launched a review of payments system regulation and issued an Issues Paper to identify which payments policy issues should be prioritized. It follows legislative changes that expanded the regulatory perimeter to more payment systems and participants. The review focuses on merchant choice, account-to-account payments, newer payment services and fraud prevention, with a priorities list due by the end of 2026.