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ARTICLE · 04 FEBRUARY 2022

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Transformation of digital payment system in Australia

Holman Webb
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The Government released its plan for transforming Australia's digital payment system in December 2021.

AustraliaFinance and Banking
Nick Maley
Nick Maley
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The current landscape of regulation in respect of digital payments within Australia is set to change significantly within the coming 12-18 months.

Part of this change is the prospect of greater codification and regulation of the legal management of the varying types of payment systems - including Buy Now Pay Later ('BNPL'), cryptocurrency, and mobile telephones; as well as traditional systems such as credit cards and eftpos.

The inquiry and need for change

Following numerous hearings, including the Parliamentary Joint Committee on Corporations and Financial Services' October 2021 Mobile Payment and Digital Wallet Financial Services report ('the Report'), the Government released its plan for transforming Australia's digital payment system in December 2021.

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