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
Source: https://treasury.gov.au/consultation/c2023-426946. Rules Mate is not a law firm. Always verify against the live regulator source before acting.