Advanced Payment Devices and Fintech (LAWS90081)
Graduate courseworkPoints: 12.5Not available in 2021
Please refer to the return to campus page for more information on these delivery modes and students who can enrol in each mode based on their location.
About this subject
Overview
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Payment systems around the globe have gone through tremendous changes and developments in the last decade. The technological and multimedia developments, recent financial crises, commercial changes and financial markets globalisation have all led to the emergence of new advanced payment devices coupled with a rapid rise in non-cash payment transactions. Fintech companies have been quick to follow this trend while striving to enhance digital payments. As payment transactions are a key component in any modern financial system, policy makers, courts and legal practitioners are now facing more challenges than ever before.
The subject deals with the law and practice of payment devices, focusing on the most recent changes and advanced innovations in the payment market. It is designed to provide students with unique knowledge of one of the building blocks of commercial and financial markets from a comparative and global perspective. In the course of studies we will analyse the main payment devices and innovative Fintech payments that are being used these days in Australia and other jurisdictions, while focusing on policy considerations, current legal frameworks, scholarly theories and business practices.
Principal topics include:
- Policy considerations in designing a payment system
- Characteristics of the Australian payment system
- Modern payment devices and their legal framework
- The cheque as the paradigm payment device
- Payment cards: credit cards, debit cards, stored-value cards and e-money
- Electronic banking
- Advanced payment networks (PayPal, Bpay, POLi, P2P networks)
- Emerging trends - Mobile payments, digital currency (Bitcoin), contactless payments.
- International payments.
- Consumers protection, in payment markets (unauthorised use of a payment device, stop payment order, error correction, distant payments, issuer insolvency, unused funds)
- Clearing and settlement (including real-time networks)
- The banking system and its effect on the payment market regulation
- Recent crises and the emergence of new payment systems
- The future of payments - an outline of the cashless society.
Intended learning outcomes
A student who has successfully completed this subject will:
- Have an advanced and integrated understanding of payment systems regulation in Australia and overseas
- Be able to critically examine, analyse, interpret and assess the legal rules applies to advanced payment devices and payment Fintech, including consumer protection
- Be an engaged participant in debate regarding emerging and contemporary issues in the field, such as: electronic payment schemes and Fintech, issuance and negotiation, unauthorized use, stop payment order, clearing and settlement, cross border payments, virtual currency, payment distribution, real time payment networks
- Have an advanced understanding of the economic and social concepts that influence payment policy in modern financial markets
- Have the cognitive and technical skills to generate critical and creative ideas relating to payment systems innovation and their integration in modern financial markets
- Have the communicative skills to clearly articulate and convey complex information regarding advanced payment devices and their impact on law and practice
- Have a profound understanding of the current and future challenges facing payment systems designers around the globe.
Last updated: 3 November 2022
Eligibility and requirements
Prerequisites
Admission into a relevant Melbourne Law Masters program
Corequisites
None
Non-allowed subjects
LAWS70443 Advanced Payment Devices
Recommended background knowledge
Applicants without legal qualifications should note that subjects are offered in the discipline of law at an advanced graduate level. While every effort will be made to meet the needs of students trained in other fields, concessions will not be made in the general level of instruction or assessment. Most subjects assume the knowledge usually acquired in a degree in law (LLB, JD or equivalent). Applicants should note that admission to some subjects in the Melbourne Law Masters will be dependent upon the individual applicant’s educational background and professional experience.
Inherent requirements (core participation requirements)
The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.
Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home
Last updated: 3 November 2022
Assessment
| Description | Timing | Percentage |
|---|---|---|
Take-home examination
| 22 - 25 October 2021 | 100% |
| Hurdle requirement: A minimum of 75% attendance. Note: the attendance hurdle does not apply when the subject is delivered online. | Throughout the teaching period | N/A |
Last updated: 3 November 2022
Quotas apply to this subject
Dates & times
Not available in 2021
Additional delivery details
This subject has a quota of 30 students.
Enrolment is on a 'first in' basis. Waitlists are maintained for subjects that are fully subscribed.
Students should note priority of waitlisted places in subjects will be given as follows:
- To currently enrolled Graduate Diploma and Masters students with a satisfactory record in their degree
- To other students enrolling on a single subject basis, eg Community Access Program (CAP) students, cross-institutional study and cross-faculty study.
Please refer to the Melbourne Law Masters website for further information about the management of subject quotas and waitlists.
Melbourne Law School may reserve places in a subject for incoming international cohorts or where a subject is core to a specialisation with limited alternate options.
Last updated: 3 November 2022
Further information
- Texts
- Related Handbook entries
This subject contributes to the following:
Type Name Course Graduate Diploma in Banking and Finance Law Course Master of Laws Course Juris Doctor Course Master of Banking and Finance Law Course Master of Commercial Law Course Graduate Diploma in Legal Studies - Links to additional information
- Available through the Community Access Program
About the Community Access Program (CAP)
This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.
Please note Single Subject Studies via Community Access Program is not available to student visa holders or applicants
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.
Additional information for this subject
If required, please contact law-admissions@unimelb.edu.au for subject coordinator approval.
- Available to Study Abroad and/or Study Exchange Students
Last updated: 3 November 2022