The Reserve Bank of Australia’s Payments System Board has approved the central bank’s full assessment of the Reserve Bank Information and Transfer System, Australia’s real-time gross settlement system, against the Principles for Financial Market Infrastructures and set out the next phase of its wider payments work. The update confirms that a public consultation on the Review of Payments System Regulation will begin by the end of June and that the Bank will expand its cryptography work from card payments to system-wide issues across the Australian payments system. That consultation will seek views on issues raised by stakeholders that may warrant Reserve Bank intervention and how they should be prioritised, with reference to competition, efficiency and financial safety. On cryptography, the Board discussed risks from advances in classical and quantum computing and backed consultation on stronger practices as part of the review, while reaffirming the industry target of December 2030 to mitigate quantum-related risks. The update also notes that amended Standards no 1, 2 and 3 implementing the review of merchant card payment costs and surcharging were registered on 14 April 2026, that the Reserve Bank is engaging designated card networks on no-surcharge rules, and that Australian Payments Plus will apply a zero-surcharge limit to eftpos transactions from 1 October 2026. Before the broader review, the Board decided the Reserve Bank would not prevent non-designated payment systems from introducing no-surcharge rules, without prejudging any later decision on surcharging in those systems. Separately, the Board reviewed initial focus-group findings on unmet payment needs and digital money, including that Australians were largely indifferent to the concept of a retail central bank digital currency. An external report is due later in the year and will inform the Reserve Bank’s updated assessment of the public policy case for retail CBDC in Australia, planned for 2026/27, while the RITS assessment will be published in the coming weeks.
Reserve Bank of Australia2026-06-04
Reserve Bank of Australia to launch payments regulation consultation and broaden cryptography review beyond card payments
The Reserve Bank of Australia’s Payments System Board approved the full assessment of the Reserve Bank Information and Transfer System against the Principles for Financial Market Infrastructures and outlined the next phase of its payments work, including a public consultation on the Review of Payments System Regulation and expanded cryptography work. The Board confirmed consultation on stronger cryptographic practices given classical and quantum computing risks, noted recent changes to card payment cost and surcharging standards, and decided not to stop non-designated systems introducing no-surcharge rules. It also reviewed findings on unmet payment needs and digital money, indicating limited public interest in a retail central bank digital currency, with an external report to inform an updated retail CBDC assessment in 2026/27.