Where things stand
On 2 April 2026, ASIC has remade the legislative instrument that provides conditional relief for low-risk non-cash payment facilities from different aspects of the financial services licensing regime in the Corporations Act 2001 (Cth) (Corporations Act ). ASIC Corporations (Non-cash Payment Facilities) Instrument 2026/167 extends the relief previously provided by ASIC Corporations (Non-cash Payment Facilities) Instrument 2016/211 until April 2031.
On 12 September 2025, ASIC invited feedback on a proposal to remake ASIC Corporations (Non-cash Payment Facilities) Instrument 2016/211. This is the legislative instrument that provides conditional relief for the following types of non-cash payment products:
- Travellers’ cheques – which are exempt from the requirement to provide confirmation of transaction under the Corporations Act 2021 (Cth).
- Loyalty schemes and road toll facilities – which are not subject to the financial services laws in the Corporations Act.
- Prepaid mobile facilities and some non-reloadable gift facilities – which are exempt from the licensing, conduct, and disclosure obligations in the Corporations Act.
- Low value payments products – which are exempt from the licensing, conduct, and disclosure obligations in the Corporations Act but subject to alternative disclosure and dispute resolution obligations.
The instrument expired on 1 April 2026. ASIC assessed that the instrument was operating effectively and efficiently and continued to form a necessary and useful part of the legislative framework.
ASIC has also stated that it will revisit the need for this instrument once the payments licensing reforms take effect.
What’s next
Feedback on the proposal to remake the instrument concludes on 8 October 2025. ASIC indicates the instrument will be remade substantially in its current form. The reference to the broader payment reform process as being “currently underway” may indicate that we should expect some developments to the payment licensing reforms proposed in December 2023.
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This article was originally published on 12 September 2025 and updated on 7 April 2026.