Australia Payments Plus (AP+) has today welcomed the passing of the Treasury Laws Amendment (Payments System Modernisation) Act 2025. This Act will modernise the regulatory framework for Australia’s payment system for the first time in over two decades.
Australia’s existing payments regulation was designed in the late 1990s, well before mobile wallets, buy now pay later (BNPL) and digital currencies. This meant that these newer methods of digital payments operated outside the regulatory perimeter, even while using the infrastructure on which Australia’s payment system runs.
Today’s payments landscape looks very different from when the existing payments regulation was designed, with more than 40% of in-person card transactions now made through mobile wallets.
“Australians have over the past two decade embraced new forms of paying, and this legislation is an important step to ensure Australia’s payments system remains safe, fair and future-ready,” said Lynn Kraus, CEO of AP+.
“It also brings to life the government’s vision of a modern, world-class and efficient payments system that Australians can trust, and that supports competition, innovation and productivity across the economy.”
For consumers and businesses, the reform delivers consistency across the payments system, so that whether paying by card, wallet or new digital method, the same protections apply.
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