The Australian Securities and Investment
commission (ASIC) has rolled out a new e-payments code.
The e-payments code gives consumers protection
with fraud and unauthorised transactions issues.
Go deeper with GlobalData
The new code is an extensive review of the
previous Electronic Funds Transfer Code of Conduct (EFT Code),
involving widespread consultation between ASIC, industry and
consumers.
On of the objectives of the review was to
ensure the code offers protection to all consumer electronic
payment products, not just those from traditional banking
organisations.
ASIC has begun re-subscribing current EFT Code
subscribers to the new code and they must comply with the new code
by 20 March 2013.
PayPal Australia has already agreed to
it.
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By GlobalDataFrerk-Malte Feller, managing director of PayPal Australia,
said:
“The rapid adoption of smartphones and other internet enabled
devices used to access banking and payments solutions requires a
dynamic code of practice to ensure adequate consumer
protection.
“It is imperative that positive advancements
in Australia’s banking and financial infrastructure are not
stifled; the ePayments Code will assist in managing this delicate
balance.”
