More changes to the electronic payment market have been introduced.

This time it’s the ePayments Code that has now taken full effect, taking over from its predecessor the Electronic Funds Transfer Code (the EFT Code), following an 18 month transition period.

The ePaymentsCode provides a best practice consumer protection regime for electronic payments. Changes to the Code include a new regime to resolve internet banking payments, tailored requirements for low value products of up to $500 balance; and plain English drafting that is product and technology neutral.

“The ePayments Code builds on the EFT Code and addresses emerging issues in the rapidly changing electronic payment market. Consumers who deal with subscribers to the ePayments Code can be confident they will be protected if things go wrong,” Peter Kell, ASIC commissioner, said.

The Code continues to be universally supported by the banking and mutual sectors. Some providers of newer payment products, including PayPal Australia, are also demonstrating their commitment to consumer protection by subscribing to the Code.

“PayPal Australia is proud to have worked closely with ASIC on the development of the new ePayments Code and to be one of the first industry signatories. The Code reflects a progressive approach to regulation aimed at promoting payments innovation alongside consumer protection,” Jeff Clementz, managing director of PayPal Australia, said.

“Our consumers are regularly accessing their digital wallet via a range of connected devices. This demonstrates how technology is driving rapid change in consumer behaviours in regards to payments. The new ePayments code is a dynamic code which acknowledges these technology advancements and demonstrates ASIC’s commitment to protecting consumers.”