In many ways, the regulatory issues are similar to some stored value facilities, such as pre-paid travel cards and digital wallet services. 8  R E S E R V E B A N K O F AU S T R A L I A  A third priority is the modernisation of the Payment Systems (Regulation) Act 1998.
A lot has changed in the payments system since the PSRA was introduced over 20 years ago. The payments ecosystem is now much more complex, there are many new business models and new technologies are continuing to emerge. The changes proposed by the Farrell Review would allow the Payments System Board to help shape that complex world in the public interest more effectively.