Mobile Payment and Digital Wallet Financial Services

October 2021

© Commonwealth of Australia 2021
ISBN: 978-1-76093-308-1

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Committee membership


List of Recommendations

Executive Summary

Chapter 1—Introduction

  Conduct of the inquiry
  References to Hansard
  Structure of the report
  Terms used in this report

Chapter 2—The payments ecosystem

  Overview of payments in Australia
  Traditional payment rails
  New payment rails

Chapter 3—Mobile payments and digital wallets in Australia

  Digital wallets
  Mobile payments
  Digital marketplaces (app stores)
  Major platforms and technologies
  Other services
  Uptake among Australians

Chapter 4—The regulatory environment

  The regulatory approach
  Potential regulatory gaps
  Reviews of the regulatory framework
  International approaches to payments regulation
  Committee view

Chapter 5—Competition issues

  Background on competition within the payments industry
  Market dominance
  App marketplace controls and self-preferencing
  Third party access to the NFC chip
  Committee view

Chapter 6—Other issues

  Platform provider fees for mobile transactions
  Committee view on platform provider fees
  Least-cost routing
  Committee view on least-cost routing
  Merchant surcharging
  Committee view on merchant surcharging
  Security and risk
  Committee view on security and risk
  Consumer protections
  Committee view on data privacy
  Committee view on Buy Now Pay Later
  Financial inclusion and accessibility
  Committee view on financial inclusion
  Cross-border payments and remittances
  Committee view on cross-border payments

Dissenting Comments by Labor Members

  Liberal Government’s poor track record
  Avoiding politicisation of payments regulation
  Access to Apple’s NFC Chip
  BNPL and consumer regulation

Dissenting Comments by Senator Bragg

  The Regulatory Environment
  Overview of the BNPL Sector
  The Recommendations

Appendix 1—Submissions and additional information

Appendix 2—Public hearings

Committee Secretariat contact:

Committee Secretary
Parliamentary Joint Committee on Corporations and Financial Services
PO Box 6100
Parliament House
Canberra ACT 2600

Phone: +61 2 6277 3583
Fax: +61 2 6277 5719