Handbook

LAWS90081 Advanced Payment Devices and Fintech

Credit Points: 12.5
Level: 9 (Graduate/Postgraduate)
Dates & Locations:

This subject has the following teaching availabilities in 2017:

March, Parkville - Taught on campus.Show/hide details
Pre-teaching Period Start 01-Mar-2017
Teaching Period 29-Mar-2017 to 04-Apr-2017
Assessment Period End 15-May-2017
Last date to Self-Enrol 31-Jan-2017
Census Date 29-Mar-2017
Last date to Withdraw without fail 21-Apr-2017

This subject has a quota of 30 students. Please refer to the Melbourne Law Masters website for further information about the management of subject quotas and waitlists.



Timetable can be viewed here.
For information about these dates, click here.
Time Commitment: Contact Hours: 29-33 hours
Total Time Commitment:

136-150 hours

The pre-teaching period commences four weeks before the subject commencement date. From this time, students are expected to access and review the Reading Guide that will be available from the LMS subject page and the subject materials provided by the subject coordinator, which will be available from Melbourne Law School. Refer to the Reading Guide for confirmation of which resources need to be read and what other preparation is required before the teaching period commences.

Prerequisites:

Melbourne Law Masters Students: None

JD Students: None

Corequisites: None
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.

Non Allowed Subjects:

Students who have completed any of the below subjects are not permitted to take LAWS90081 Advanced Payment Devices and Fintech:

LAWS70443 Advanced Payment Devices

Core Participation Requirements:

The Melbourne Law Masters welcomes applications from students with disabilities. The inherent academic requirements for study in the Melbourne Law Masters are:

  • The ability to attend a minimum of 75% of classes and actively engage in the analysis and critique of complex materials and debate;
  • The ability to read, analyse and comprehend complex written legal materials and complex interdisciplinary materials;
  • The ability to clearly and independently communicate in writing a knowledge and application of legal principles and interdisciplinary materials and to critically evaluate these;
  • The ability to clearly and independently communicate orally a knowledge and application of legal principles and interdisciplinary materials and critically evaluate these;
  • The ability to work independently and as a part of a group;
  • The ability to present orally and in writing legal analysis to a professional standard.

Students who feel their disability will inhibit them from meeting these inherent academic requirements are encouraged to contact Student Equity and Disability Support.

Contact

Lecturer

Dr Liran Haim, Coordinator

Email: law-masters@unimelb.edu.au
Phone: +61 3 8344 6190
Website: law.unimelb.edu.au

Subject Overview:

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.
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.
Assessment:

Take-home examination (5,000 - 6,000 words) (100%) (12 - 15 May 2017)

A minimum of 75% attendance is a hurdle requirement.

Prescribed Texts:

Specialist printed materials will be made available free of charge from the Melbourne Law School prior to the pre-teaching period.

Breadth Options:

This subject is not available as a breadth subject.

Fees Information: Subject EFTSL, Level, Discipline & Census Date
Links to further information: law.unimelb.edu.au
Related Course(s): Graduate Diploma in Banking and Finance Law
Graduate Diploma in Legal Studies
Juris Doctor
Master of Banking and Finance Law
Master of Commercial Law
Master of Laws

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