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.