CANBERRA, ACT, Sept. 4 -- The Treasurer of Australia issued the following media release:
The Albanese Labor Government has today passed the Treasury Laws Amendment (Payments System Modernisation) Bill 2025 through the Senate, to make sure Australia's payments system delivers for our modern economy.
These changes will modernise our payments system and help make our economy more productive.
This is all about making our payments system more seamless, safer and stronger, and suitable for the times.
The Bill modernises the regulatory framework for the payments system by broadening the definitions of 'payment system' and 'participant'.
This means the vast array of new services and platforms, including digital wallets and Buy Now Pay Later se...