Payment Service Provider (PSP) licensing reform — implementation pending
Treasury reform of payments licensing to capture digital wallets + Buy Now Pay Later + stored value.
Who must comply
Non-bank payment service providers offering captured services.
What triggers it
Final regulations and commencement (TBD 2025-2026).
When due
TBD; transition period likely.
Evidence required
Licence application; consumer protection compliance plan; AML/CTF + privacy alignment.
Max penalty
Operating without licence will attract NCCP-equivalent civil + criminal penalties
Summary
Federal Treasury's payments licensing reform package (Strategic Plan for Australia's Payments System, 2023) introduces a tiered PSP licensing framework. Expected to capture digital wallets, stored value facilities + non-bank payment service providers. Final regulations expected 2025-2026.
Enforced by
Industries
Topics
Related obligations
- CWLTHComply with Stored Value Facility rules (banking exception)SVF providers must operate within APRA + Treasury rules on purchased payment facility regulation.
- CWLTHCrypto Asset Secondary Service Provider (CASSPr) licensing reformsTreasury consultation 2024 on bespoke crypto licensing — separate from AFSL.
- CWLTHStablecoin payments licensing — Treasury reforms (in scoping)Treasury reforms scoping payment stablecoin licensing under PSP regime.
- CWLTHHold a current real estate agent licence (state-specific)Selling agents must hold a current licence issued by their state fair trading regulator.
- CWLTHHold state-issued gambling licence (operator + venue)Wagering, casino, gaming machine + lottery operators require state-issued licences with operator probity.
- CWLTHHold valid liquor licence (state liquor licensing)Liquor sale / supply requires state-issued licence; multiple categories.
Frequently asked questions
- Who must comply with Payment Service Provider (PSP) licensing reform — implementation pending?
- Non-bank payment service providers offering captured services.
- What triggers Payment Service Provider (PSP) licensing reform — implementation pending?
- Final regulations and commencement (TBD 2025-2026).
- When is Payment Service Provider (PSP) licensing reform — implementation pending due?
- TBD; transition period likely.
- What is the maximum penalty for Payment Service Provider (PSP) licensing reform — implementation pending?
- Operating without licence will attract NCCP-equivalent civil + criminal penalties
- What evidence is required for Payment Service Provider (PSP) licensing reform — implementation pending?
- Licence application; consumer protection compliance plan; AML/CTF + privacy alignment.
Source: https://treasury.gov.au/consultation/c2023-426946. Rules Mate is not a law firm. Always verify against the live regulator source before acting.