ePayments Code to cover small business

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The ePayments Code may be extended to small business and will be brought up to date to include coverage of NPP payments.

These are among proposals included in a consultation paper issued by ASIC on Friday detailing the results of a review of the code.

Other proposals include removing the requirement that code subscribers report to ASIC annually, while giving ASIC additional monitoring functions. ADIs would be required to provide additional on-screen warnings about mistaken internet payments.

And in a series of changes to update the code, ASIC will define biometric authentication in the code, include virtual debit and credit cards in the definition of “payment card instrument” and include electronic receipts in the code’s provisions relating to transaction receipts.

The ePayments Code is a voluntary code of practice that regulates electronic payments, including ATM transactions, online payments, BPAY, point of sale of sale transactions,…

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