PayPal adopts e-payments code of conduct in Australia
PayPal has signed up to the Australian Securities and Investment Commission's (ASIC) ePayments code of conduct, becoming the first major e-commerce brand to adopt the guidelines.
PayPal has signed up to the Australian Securities and Investment Commission’s (ASIC) ePayments code of conduct, becoming the first major e-commerce brand to adopt the guidelines.
The voluntary ePayments Code came into effect on March 20, replacing the 27-year-old Electronic Funds Transfer Code. The new act has introduced provisions for mobile banking and contactless card transactions, as well as consumer protections for mistaken internet banking payments.
By complying with the code, PayPal and mobile payments firm Actient Mobile Solutions joined more traditional players like banks, credit unions and building societies.
PayPal spokesman Adrian Christie said he was unaware of any other non-traditional payment providers looking to sign on to ASIC’s voluntary ePayments Code.
However, Australian bank executives are wary of technology companies like Apple, Google, Facebook and Square becoming future competitors in the Aussie payments industry. For this reason, ASIC is hoping to convince more e-commerce brands to subscribe to the code.
ASIC commissioner Peter Kell said: "The Code is an important tool in the regulation of electronic payment products in Australia. We will continue to push those who offer consumer electronic payment products to subscribe to the Code."
So far, ASIC has listed 101 subscribers to the new ePayments Code.