Reforms to the Payment Systems (Regulation) Act 1998

This consultation process has now been completed. Submissions available
Consultation Type
Consultation Paper

Key Documents

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.


30 submissions were received for this consultation, including 4 confidential submissions.

ANZ - pdf 190.97 KB
Apple - pdf 1.07 MB
ASBFEO - pdf 237.34 KB
ASX - pdf 254.64 KB
ATM Industry Association - pdf 179.01 KB
Australian Payments Plus - pdf 265.85 KB
Coles - pdf 418.85 KB
EPA Asia - pdf 169.17 KB
FinTech Australia - pdf 253.15 KB
Google - pdf 219.5 KB
IPF Australia - pdf 208.36 KB
Law Council of Australia - pdf 385.15 KB
Qwikcilver Solutions - pdf 70.5 KB
RBA - pdf 303.18 KB
Tyro Payments - pdf 1.53 MB
Visa - pdf 251.9 KB
Westpac - pdf 126.61 KB
Wise - pdf 123.57 KB
Zepto - pdf 520.38 KB