THE Australian Banking Association (ABA) Exhorts Parliament to quickly adopt legislation to modernize the regulatory framework for Australia’s payments, while digital payments continue to increase.
Recent data from Reserve Bank of Australia (RBA) reveals that Australians are now performing more than 500 million transactions per month using mobile wallets, totaling more than $ 20 billion.
The proposed legislation will allow the RBA to regulate all the key players in the payments ecosystem, including technology giants as Apple And Google. The objective is to ensure the fairness and safety of all users at all levels.
Anna Bligh,, The CEO of the ABA commented: “The Australia’s payment system quickly evolved. More and more of us use our phones, our watches, to make payments. We pay things online. Our regulatory payment framework must follow these changes, and at the moment, he is 25 years old. It is time to modernize it.
Bligh also pointed out how, when current laws were made in 1998, species and checks were dominant payment methods, Internet purchases did not exist and mobile phones still had antennas.
“” We are now in a dominant digital world. Jurisdictions such as the EU have taken measures to recognize that mobile portfolios are part of the payment system, and it is time for Australia to do the same, “she also added. “Each month, the Australians make more than half a billion payments on their mobile wallets. It is time for these payments to have the same security protections around them for consumers as all other ways to pay. »»
THE Treasury laws The 1998 1998 bill on reforms proposed by payment systems (regulation).