In May 2021, the Reserve Bank released a consultation paper outlining the Payment System Board’s preliminary conclusions to the Review of Retail Payments Regulation.
AusPayNet welcomed the opportunity to respond to this consultation paper. The paper sought feedback on a package of proposed policy actions as well as draft variations to standards for card payment systems.
Recognising the range of views held by its diverse member base, our submission centered on issues regarded as strategically important to the payments system generally and in the longer term, instead of matters of more immediate commercial interest.
In discussing emerging trends, we highlighted that merchant and consumer choice will likely be informed by a more complex set of inputs than pricing and, as a result, regulation can no longer rely solely on economic considerations. We also noted that measures taken to address immediate concerns may require close monitoring and review to ensure ongoing competitive neutrality and enhancement of customer choice.
AusPayNet’s submission is available below.