New ACCC Chair Gina Cass-Gottlieb speaks at Australia’s Financial Review Summit.
Cass-Gottlieb says anti-competitive conduct in financial services, with a focus on payment services, is one of the regulator’s key enforcement targets in 2022-23.
“COVID-19 has accelerated the transition to digital payments and precipitated a major change in the way people live, do business and interact with the economy as a whole. Industry data and our own observations show that the long-term shift to card payments is now being transformed into cards stored digitally in mobile wallets on smartphones or other portable devices,” she said.
“These developments have seen the emergence of new services and competitors in the payments ecosystem, such as payment gateways, payment aggregators, mobile wallet providers and payments using cryptocurrencies. In response, payments regulation is undergoing a complete overhaul for the first time in 25 years, following the Farrell Review and the Reserve Bank of Ireland’s Retail Payments Regulation Review. ‘Australia.
“Industry data and our own observations show that the long-term shift to card payments is now transformed into cards stored digitally in mobile wallets on smartphones and other portable devices, which are used to make payments without touching.”