The Reserve Bank of Australia's payments system review, running through 2026, will shape the payments landscape in Australia for the following decade. Three specific areas are being consulted on.

Buy Now Pay Later

The BNPL industry is now subject to responsible lending obligations after 2024's regulation, but the fee and cost structures remain outside the payments framework. The review is likely to bring aspects of BNPL under formal payments oversight, though the industry is lobbying hard against several proposals.

Interchange fees

Interchange fees on credit and debit transactions are the single largest cost item in most merchants' operations. Reductions here would flow directly to small businesses. The reform pathway is politically constrained by the banks that earn the fees.

Cross-border payments

The third area, less publicised, is cross-border remittance costs, particularly to Pacific communities. Reform here would materially benefit Australian workers sending money home, and the design work is under way.