The ePayments Code which replaces the existing Electronic Funds Transfer Code of Conduct (EFT Code) will commence for all financial services providers who subscribe to it from 20 March 2013.

The Code regulates consumer electronic payments including ATM, EFTPOS, debit and credit card transactions (including contactless transactions), online payments, internet banking and BPAY.

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.

Subscribers must update their consumer information and procedures.

ASIC is responsible for the administration of the ePaymentsCode, including monitoring compliance and reviewing it regularly.