Australia Adapts Regs to Evolving E-Payment Environment
March 21, 2013
The government agency responsible for regulating financial services in Australia, this week announced a set of rules and regulations governing electronic payments in the country. The ePayments Code, which went into full effect Tuesday after an 18-month transition period, replaces the Electronic Funds Transfer Code. The Australian Securities and Investments Commission (ASIC) updated the regulation to protect consumers as online and mobile payment methods gain traction Down Under.
“Our consumers are regularly accessing their digital wallet via a range of connected devices,” said Jeff Clementz, managing director of PayPal Australia, which worked closely with ASIC to develop the new code. “This demonstrates how technology is driving rapid change in consumer behaviors in regards to payments. The new ePayments code is a dynamic code which acknowledges these technology advancements and demonstrates ASIC’s commitment to protecting consumers.”
The new code provides consumers recourse in the case of inadvertent payments and a way to check balances and transaction history when using low-value products.