Media Release Regulation of Purchased Payment Facilities under the Payment Systems (Regulation) Act 1998

The Payments System Board has reviewed the Reserve Bank's regulatory responsibilities under the Payment Systems (Regulation) Act 1998 for purchased payment instruments. Following a decision by the Board, the Reserve Bank has today published exemptions in the Gazette such that a purchased payment facility will not be subject to the Act where:

  • the total outstanding amount of the facility is limited to less than $1,000,000, or where a facility can be used to make payments to 50 or fewer persons; or
  • its obligations are guaranteed by an authorised deposit-taking institution, or by a Commonwealth, state or local government authority.

A Regulation Impact Statement is available on the website of the Reserve Bank of Australia (www.rba.gov.au).

Enquiries

John Simon
Senior Manager
Payments Policy Department
Reserve Bank of Australia
SYDNEY

Phone: +61 2 9551 8705

Manager, Media Office
Information Department
Reserve Bank of Australia
SYDNEY

Phone: +61 2 9551 9720
Fax: +61 2 9221 5528
E-mail: rbainfo@rba.gov.au