Australia Payments System Modernisation Act Expands RBA Regulatory Reach
Summary
The Treasury Laws Amendment (Payments System Modernisation) Act 2025 took effect on December 19, 2025, significantly expanding the Reserve Bank of Australia's regulatory reach over emerging payment services. The Act broadened definitions of 'payment system' and 'participant' to capture digital wallets, Buy Now Pay Later providers, and stablecoin-based platforms, reflecting the rapid evolution of Australia's payments landscape.
Key Changes
- Broadened definition of 'payment system' to include digital wallets and BNPL
- Stablecoin-based payment platforms now under RBA oversight
- Expanded regulatory powers for Reserve Bank of Australia
- New participant categories for emerging payment services
Affected Industries
Source
Key Dates
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