Reports 21 – 11-205MR ASIC releases new ePayments Code

In September 2011 ASIC released the new ePayments Code which provides a best practice consumer protection regime for electronic payment products.

PayPal Australia welcomes the new ePayments Code and has agreed to sign up to the revised code by the end of the transition period which is 20 March 2013. ASIC expects it to be joined by banks, credit unions and building societies who are members of the existing version of the code. ASIC is also in discussion with a number of other providers of new payment services about subscribing to the new code.

The ePayments Code provides key consumer protections in cases of fraud and unauthorised transactions and plays an important role in the regulation of electronic payment facilities in Australia.

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