Where things stand
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) (the Corporatations Act).
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 is due to expire on 1 April 2026. ASIC has stated that it considers the instrument is operating effectively and efficiently.
ASIC has also stated that it will revisit the instrument at the conclusion of the payments reform process that is “currently underway”. There have been no developments on payment modernisation reform proposals beyond reforms to the Payment Systems (Regulation) Act 1998 (Cth). The reference to the broader legislative reform process may indicate that we should expect some developments to this process in the short-term.
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.