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
Who must comply with this? The applicability test by industry, business structure and size.
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
- CWLTHCrypto Asset Secondary Service Provider (CASSPr) licensing reformsTreasury consultation 2024 on bespoke crypto licensing — separate from AFSL.
- CWLTHComply with Stored Value Facility rules (banking exception)SVF providers must operate within APRA + Treasury rules on purchased payment facility regulation.
- CWLTHStablecoin payments licensing — Treasury reforms (in scoping)Treasury reforms scoping payment stablecoin licensing under PSP regime.
- All statesHold valid liquor licence (state liquor licensing)Liquor sale / supply requires state-issued licence; multiple categories.
- All statesHold state-issued gambling licence (operator + venue)Wagering, casino, gaming machine + lottery operators require state-issued licences with operator probity.
- CWLTHHold a current real estate agent licence (state-specific)Selling agents must hold a current licence issued by their state fair trading regulator.
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. Rules Mate is not a law firm. Always verify against the live regulator source before acting.