For information about the University’s phased return to campus and in-person activity in Winter and Semester 2, please refer to the on-campus subjects page.
Pleaserefer to the LMS for up-to-date subject information, including assessment and participation requirements, for subjects being offered in 2020.
|Fees||Look up fees|
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: 28 October 2020