The bill's purpose is to promote competition and efficiency in the retail payment system for the long-term benefit of merchants and consumers. There are broadly three ways it delivers on this promise. First, it empowers the Commerce Commission to scrutinise and regulate participants in a retail payment network if that network is designated by Order in Council. The commission would have a range of regulatory tools to address competition or efficiency issues in these networks, such as requiring participants to grant access to essential services or network infrastructure. The designation approach allows the regulatory regime to respond to any changes in the system, such as new payment methods that may emerge.