Official full text with complete Chinese reference translation
Payments licensing reforms
AI summary
The page explains Australia's payments licensing reforms, including a proposed unified licensing and supervision framework for payment service providers and newer payment, wallet and digital settlement services.
Payment, wallet, stablecoin settlement and digital asset payment businesses should assess coverage under the new payment licensing perimeter and transition arrangements.
Who this applies to: Payment service providers, wallets, acquirers, stablecoin payment and settlement providers
Implementation status: Official public material; effect and commencement remain subject to the source and later instruments
- Identify the unified licensing perimeter.
- Assess business models and transition periods.
- Track legislation and rulemaking.
Contents
Payments licensing reforms
The government is modernising the regulatory framework for payment service providers (PSPs) . This makes sure it is:
• fit‑for‑purpose
• clear
• proportional to risks.
This reform works with other initiatives from the Strategic Plan for Australia’s Payments System . Together they make the payment system safe, efficient and innovative.
Implementation of reforms
We are progressing the reforms in 2 tranches. They consider views from 2 consultations on the:
• list of payment functions
• licensing framework .
Tranche 1
The modernised framework sets graduated obligations through:
• requiring PSPs that perform certain functions to get an Australian Financial Service Licence
• APRA powers for major SVF providers and designated PSPs
• a rule making power for a mandatory, revised ePayments Code.
We have released draft legislation for the full package of Tranche 1 legislation for feedback.
The full package of Tranche 1 legislation covers:
• payment function definitions and core concepts
• licensing obligations, including safeguarding payment-related money
• exemptions and exclusions
• a framework for unclaimed monies
• APRA powers for major SVF providers and designated PSPs
• a rule making power for a mandatory, revised ePayments Code
• transitional arrangements.
We have also released an early and partial draft of exemption and exclusion regulations.
The latest Tranche 1 release incorporates feedback from Tranche 1a consultations. This was released for consultation from 9 October to 6 November 2025.
Tranche 2
In 2026, we will consider more parts of the reform. This includes common access requirements and an industry standard setting body. We will review and update the ePayments Code.
Last updated
12 March 2026
Official English source text captured from the cited government source.