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RBA Review of Retail Payments Regulation: Issues Paper

On 29 November 2019, the Reserve Bank of Australia (RBA) publishes an issues paper as the first stage of its review of retail payments regulation. It provides an overview of the current regulation of retail payments and seeks stakeholder input on current and emerging issues that may require reforms to the regulation of retail payments. Comment is invited on the following issues:

· recent or prospective developments in the payments industry that may result in a regulatory gap or require a regulatory response

· costs and competition in electronic payments, particularly card payment schemes

· potential incentives or requirements to support the issuance of dual-network debit cards and least-cost routing services to merchants (for contactless debit card payments)

· enhancing competition in the provision of acquiring services to merchants, particularly small merchants

· internalising the costs of various payment methods for consumers

· the impact of increasing use of mobile devices and digital platforms for payments

· subjecting buy-now, pay-later services to the same surcharging rules as card payment schemes, and

· potential enhancements to the RBA’s regulatory powers and enforcement mechanisms in relation to retail payments regulations.


Stakeholders – issuers, acquirers, merchants and other payment service providers – may make submissions to the RBA until 31 January 2020. A copy of the issues paper and information about how to make a submission is available at this link.

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