The current regulation of payments systems is largely effective and ensures that consumers can trust that the payment options presently available to them will work as promised.
Consumers need a strong, empowered regulator that is able to act on harm, and likely potential harm, in the payments system. For this reason, CHOICE believes that the depth of knowledge, independence and evidence-led approach to regulation at the Reserve Bank of Australia (RBA) needs to be maintained.
There is a need for changes to be made to regulatory approaches and architecture to address ongoing problems with the payments system, including regulatory gaps like the ones that are currently occurring with the Buy Now, Pay Later payment system.
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