ASIC has released the new ePayments Code which replaces the existing Electronic Funds Transfer Code of Conduct (EFT Code) and will regulate consumer electronic payments including ATM, EFTPOS, debit and credit card transactions (including contactless transactions), online payments, internet banking and BPAY.
UPDATE: The following corrections to the Code were issued on 20 October 2011:
Clause 2.1 – deleted the words ‘by a consumer’ in line one;
Clause 2.6 – in the definition of the term ‘low value facility’, deleted the words ‘stored value or reloadable’.
Existing subscribers have an 18 month transition period to move to the new Code. The transition period has started and subscribers must comply with the new Code by 20 March 2013.
The ePayments Code:
- requires subscribers to give consumers terms and conditions,
- information about changes to terms and conditions (such as fee increases), receipts and statements,
- sets out the rules for determining who pays for fraudulent and unauthorised transactions, and
- establishes a regime for recovering mistaken internet payments.
ASIC will be responsible for the administration of the ePaymentsCode, including monitoring compliance and reviewing it regularly.
Background
Mistaken electronic payments
