PART 5Regulation of payment systems

General duties of Regulator

I150The competition objective

1

The competition objective is to promote effective competition in—

a

the market for payment systems, and

b

the markets for services provided by payment systems,

in the interests of those who use, or are likely to use, services provided by payment systems.

2

The reference in subsection (1) to promoting effective competition includes, in particular, promoting effective competition—

a

between different operators of payment systems,

b

between different payment service providers, and

c

between different infrastructure providers.

3

The matters to which the Payment Systems Regulator may have regard in considering the effectiveness of competition in a market mentioned in subsection (1) include—

a

the needs of different persons who use, or may use, services provided by payment systems;

b

the ease with which persons who may wish to use those services can do so;

c

the ease with which persons who obtain those services can change the person from whom they obtain them;

d

the needs of different payment service providers or persons who wish to become payment service providers;

e

the ease with which payment service providers, or persons who wish to become payment service providers, can provide services using payment systems;

f

the ease with which payment service providers can change the payment system they use to provide their services;

g

the needs of different infrastructure providers or persons who wish to become infrastructure providers;

h

the ease with which infrastructure providers, or persons who wish to become infrastructure providers, can provide infrastructure for the purposes of operating payment systems;

i

the needs of different operators of payment systems;

j

the ease with which operators of payment systems can change the infrastructure used to operate the payment systems;

k

the level and structure of fees, charges or other costs associated with participation in payment systems;

l

the ease with which new entrants can enter the market;

m

how far competition is contributing to the development of efficient and effective infrastructure for the purposes of operating payment systems;

n

how far competition is encouraging innovation.