The new ePaymentsCode will take full effect this week, formally taking over from its predecessor, the Electronic Funds Transfer Code (EFT Code), following an 18-month transition period. The ePaymentsCode is an important tool in the regulation of electronic payment products in Australia and provides a best practice consumer protection regime for electronic payments.

"PayPal Australia is proud to have worked closely with ASIC (Australian Securities and Investments Commission) on the development of the new ePayments Code and to be one of the first industry signatories," said Jeff Clementz, Managing Director of PayPal Australia. "The Code reflects a progressive approach to regulation aimed at promoting payments innovation alongside consumer protection."

"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," he added.

Changes to the Code include:

• a new regime to resolve mistaken Internet banking payments
• tailored requirements for low value products (up to a maximum balance of $500)
• plain English drafting that is product and technology neutral, making the Code applicable to all consumer electronic payment products.