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The ABA is urging the Parliament to swiftly pass legislation that will ensure Australia's payments regulatory framework remains fit-for-purpose as digital payments continue to skyrocket.
According to the RBA, each month Australians are now making over 500 million payments with mobile wallets worth over $20 billion. This legislation will give the RBA powers to regulate all players within the payments system including Apple and Google, to ensure it is fair and safe for all customers.
ABA CEO Anna Bligh said the payments landscape had evolved significantly with the introduction of mobile wallets and these reforms would ensure Australia continued to maintain a world-class payments system.
"The payments system has rapidly evolved, yet regulations have not been updated for over 25 years," Ms Bligh said.
"When the current laws were made in 1998, cash and cheques were the dominant payment methods, internet shopping didn't exist and mobile phones still had antennas.
"We are in a digitally dominant world now. Jurisdictions such as the EU have taken steps to recognise that mobile wallets are part of the payments system, and it's time for Australia to do the same.
"Australians are now making 500 million payments each month with mobile wallets and it's imperative that these payments are captured within the regulatory framework.
"With mobile wallets becoming a dominant force in Australia's payments architecture - it's only fair that global tech companies are subject to the same oversight and consumer protection laws as the rest of the payments system.
"These reforms can be passed this sitting fortnight. They were first flagged over 1200 days ago and are urgently needed to ensure payments regulations remain fit-for-purpose and provide the necessary customer protections."
Reforms to the Payment Systems (Regulation) Act 1998 are contained within the Treasury Laws Amendment (Miscellaneous Measures) Bill 2024.
