ePayments Code

The ePayments Code plays an important role in the regulation of electronic payment facilities in Australia. This page provides details about the protections available under the Code, which financial institutions must comply with the Code and how ASIC administers it.

The ePayments Code was released on 20 September 2011 (see media release 11-205MR) and last updated on 2 June 2022 (see media release 22-125MR). Download the ePayments Code below.

What is the ePayments Code?

The ePayments Code plays an important role in the regulation of electronic payment facilities in Australia. It applies to consumer electronic payment transactions, including ATM, EFTPOS and credit card transactions, online payments, internet and mobile banking, and BPAY. It complements other regulatory requirements, including financial services and consumer credit licensing, advice, training and disclosure obligations under the Corporations Act 2001 and the National Consumer Credit Protection Act 2009.

Among other things, the ePayments Code:

requires subscribers to give consumers clear and unambiguous terms and conditions
stipulates how terms and conditions changes (such as fee increases), receipts and statements need to be made
sets out the rules for determining who pays for unauthorised transactions, and
establishes a regime for recovering mistaken internet payments.

There are more limited requirements for low value facilities that can hold a balance of no more than $500 at any one time.

It was formerly known as the Electronic Funds Transfer Code of Conduct (EFT Code) which existed from 1986. Subscribers progressively transitioned to the ePayments Code by 20 March 2013.

ASIC administers the ePayments Code, including monitoring compliance and conducting regular reviews.

Who is bound by the Code?

Most banks, credit unions and building societies currently subscribe to the ePayments Code, along with a number of non-banking businesses. The ePayments Code is presently a voluntary code of practice.

Subscribers may direct any queries by email to epaymentscode@asic.gov.au.

What does it mean for consumers?

The Code only protects consumers who deal with a subscriber. Consumers should check that the banking or payment services organisation they are dealing with is a subscriber by:

checking the ASIC list of subscribers, or
checking the organisation's terms and conditions (if the company is a subscriber, it will say so in the product’s terms and conditions).

Exemptions and declarations under the Code

ASIC may exempt subscribers or declare that the application of the Code is modified in a specified way. A written instrument will be created to give effect to the exemptions or declarations and will be published on ASIC's website.

Subscribers who wish to apply for an exemption or declaration under the Code should follow the application process.

See Information about the application process.

Instruments issued under the ePayments Code

The following table lists the instruments ASIC has issued in relation to the Code:

Subject matter	Entity	Instrument
Electronic communication	Australia and New Zealand Banking Group	Instrument 14-0398 (PDF 146 KB)
Electronic communication	Commonwealth Bank of Australia	Instrument 12-1624 (PDF 69 KB)

Monitoring and surveillance

ASIC may undertake targeted compliance monitoring of specific obligations under the Code. The focus of targeted monitoring may change from time to time.