The RBA also supports the decision to introduce a new, tiered licensing regime for payment service providers. This should help encourage innovation and competition while promoting safe and resilient payment services.
As part of this, we are keen to see the implementation of a new licensing framework for stored-value facilities, based on the model proposed by the Council of Financial Regulators a few years ago. We are also pleased to see the government's support for reviewing the Payment Systems  (Regulation) Act 1998 to make sure it is fit for purpose.