The Development and Legal Nature of Payment Facilities
AbstractThis article considers the development, operation and legal nature of common payment facilities, such as cash, debit and credit transfers, and money transfer services. The author outlines the basic payment infrastructure in Australia and provides an overview of the features, uses and legal nature of common payment facilities. The article concludes with an analysis of some of the legal implications of common payment facilities, such as the role of contract and tort law in the use of these facilities. A subsequent article will analyse the risks associated with, and appropriate regulatory models for, the payment facilities discussed. |