New ACCC chair Gina Cass-Gottlieb is speaking at The Australian Financial Review Summit.
Cass-Gottlieb says anticompetitive conduct in financial services, with a focus on payment services, is one of the regulator’s key focuses for enforcement in 2022-2023.
“COVID-19 has accelerated the transition to digital payments and precipitated a major shift in the way people live, do business, and engage with the economy as a whole. Industry data and our own observations show that the long run shift to card payments is now being transformed to cards digitally stored in mobile wallets on smartphones or other wearable,” she said.
“These developments have seen the emergence of new services and competitors in the payments ecosystem, such as payment gateways, payment aggregators, mobile wallet providers and payments using cryptocurrencies. In response, payments regulation is undergoing a comprehensive redesign for the first time in 25 years, following the Farrell Review and the Reserve Bank of Australia’s Review of Retail Payments Regulation.
“Industry data and our own observations show that the long run shift to card payments is now being transformed to cards digitally stored in mobile wallets on smartphones and other wearable devices, which are used to make contactless payments.”